JMP Securities Reaffirms “Market Perform” Rating for Etsy (NASDAQ:ETSY)

Etsy (NASDAQ:ETSY)‘s stock had its “market perform” rating reaffirmed by investment analysts at JMP Securities in a research report issued on Monday,Benzinga reports.

Several other equities research analysts also recently commented on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Etsy in a research note on Friday, August 23rd. UBS Group lowered their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Truist Financial reduced their target price on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Barclays lowered their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Wells Fargo & Company cut their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Etsy has an average rating of “Hold” and an average price target of $63.17.

Etsy Stock Performance

Shares of ETSY stock opened at $60.97 on Monday. The firm’s 50 day moving average price is $53.04 and its two-hundred day moving average price is $55.98. Etsy has a 52-week low of $47.10 and a 52-week high of $89.58. The stock has a market cap of $6.86 billion, a PE ratio of 31.11, a PEG ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, sell-side analysts predict that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its board has approved a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s 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 $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the transaction, the insider now directly owns 25,121 shares in the company, valued at $1,335,181.15. The trade was a 2.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,069 shares of company stock worth $261,888. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its stake in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the period. Van ECK Associates Corp boosted its position in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after acquiring an additional 721,454 shares during the period. Renaissance Technologies LLC grew its stake in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after acquiring an additional 734,200 shares in the last quarter. Marshall Wace LLP increased its position in Etsy by 304.2% during the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares during the period. Finally, AQR Capital Management LLC raised its stake in Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after purchasing an additional 517,480 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.