Etsy (NASDAQ:ETSY) Reaches New 1-Year Low After Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY) shares hit a new 52-week low on Thursday after Wells Fargo & Company lowered their price target on the stock from $58.00 to $47.00. Wells Fargo & Company currently has an underweight rating on the stock. Etsy traded as low as $50.54 and last traded at $51.17, with a volume of 753057 shares. The stock had previously closed at $51.84.

ETSY has been the topic of several other reports. Piper Sandler reiterated a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Stifel Nicolaus lowered their price target on shares of Etsy from $65.00 to $64.00 and set a “hold” rating on the stock in a research report on Thursday, August 1st. Wolfe Research began coverage on shares of Etsy in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Wedbush reiterated a “neutral” rating and issued a $65.00 price target on shares of Etsy in a research report on Monday, July 22nd. Finally, Evercore ISI raised shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $70.22.

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 2,000 shares of company stock worth $116,395 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. raised its stake in Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 429 shares during the period. Larson Financial Group LLC raised its stake in Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 536 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in Etsy during the second quarter worth about $42,000. Headlands Technologies LLC acquired a new stake in Etsy during the first quarter worth about $59,000. Finally, GAMMA Investing LLC grew its position in Etsy by 47.7% in the 1st quarter. GAMMA Investing LLC now owns 988 shares of the specialty retailer’s stock worth $68,000 after purchasing an additional 319 shares during the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Trading Down 1.2 %

The stock has a market cap of $5.99 billion, a P/E ratio of 23.26, a PEG ratio of 5.39 and a beta of 1.97. The firm’s 50-day simple moving average is $55.38 and its 200 day simple moving average is $60.64.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The firm had revenue of $647.80 million during the quarter, compared to the consensus estimate of $629.87 million. During the same quarter last year, the company posted $0.83 EPS. Etsy’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts anticipate that Etsy, Inc. will post 2.38 EPS for the current year.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.