Wedbush Upgrades Etsy (NASDAQ:ETSY) to “Hold”

Wedbush upgraded shares of Etsy (NASDAQ:ETSY) to a hold rating in a report released on Monday morning, Zacks.com reports. Wedbush also issued estimates for Etsy’s Q3 2024 earnings at $0.51 EPS, Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $2.28 EPS, Q1 2025 earnings at $0.52 EPS, Q2 2025 earnings at $0.53 EPS, Q3 2025 earnings at $0.59 EPS, Q4 2025 earnings at $1.00 EPS, FY2025 earnings at $2.63 EPS and FY2026 earnings at $2.94 EPS.

Several other analysts have also issued reports on the company. Piper Sandler reissued a “neutral” rating and set a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Wolfe Research began coverage on Etsy in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. UBS Group reduced their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Stifel Nicolaus reduced their price objective on Etsy from $65.00 to $64.00 and set a “hold” rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company reduced their price objective on Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $66.83.

Etsy Price Performance

ETSY stock opened at $48.63 on Monday. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 4.99 and a beta of 1.97. The business’s fifty day moving average price is $53.20 and its two-hundred day moving average price is $58.90. Etsy has a fifty-two week low of $48.07 and a fifty-two week high of $89.58.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.05). The company had revenue of $647.80 million for the quarter, compared to analyst estimates of $629.87 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the company posted $0.83 earnings per share. Research analysts expect that Etsy will post 2.38 EPS for the current year.

Insider Transactions at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares in the company, valued at $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock worth $300,670 over the last ninety days. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

A number of hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its holdings in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares in the last quarter. Exchange Capital Management Inc. raised its position in shares of Etsy by 1.6% during the first quarter. Exchange Capital Management Inc. now owns 15,364 shares of the specialty retailer’s stock worth $1,056,000 after purchasing an additional 240 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in shares of Etsy by 7.0% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock worth $251,000 after purchasing an additional 240 shares during the period. Meridian Management Co. raised its position in shares of Etsy by 0.4% during the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after purchasing an additional 241 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Etsy by 25.6% during the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares during the period. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

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.