Etsy (NASDAQ:ETSY) Lowered to “Sell” at The Goldman Sachs Group

The Goldman Sachs Group lowered shares of Etsy (NASDAQ:ETSY) from a neutral rating to a sell rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. They currently have $45.00 target price on the specialty retailer’s stock, down from their prior target price of $70.00.

Other analysts also recently issued research reports about the company. Evercore ISI upgraded Etsy to a strong-buy rating in a research note on Thursday, August 1st. Wedbush restated a neutral rating and issued a $65.00 price objective on shares of Etsy in a research note on Monday, July 22nd. Loop Capital cut their target price on shares of Etsy from $50.00 to $45.00 and set a sell rating for the company in a research note on Monday, August 12th. Truist Financial restated a buy rating and issued a $76.00 price target on shares of Etsy in a research report on Tuesday, September 24th. Finally, Stifel Nicolaus cut their price objective on shares of Etsy from $65.00 to $64.00 and set a hold rating for the company in a research report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, eleven 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, the stock has a consensus rating of Hold and a consensus target price of $69.36.

Etsy Stock Up 3.4 %

NASDAQ:ETSY opened at $51.31 on Tuesday. The company’s 50 day moving average is $53.61 and its 200-day moving average is $59.54. Etsy has a 12 month low of $48.07 and a 12 month high of $89.58. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 23.43, a P/E/G ratio of 4.99 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The firm 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 firm’s revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. Research analysts predict that Etsy will post 2.38 EPS for the current fiscal year.

Insider Transactions at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,619 shares of company stock valued at $300,670. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Institutional investors have recently modified their holdings of the stock. Marshall Wace LLP increased its holdings in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after purchasing an additional 1,055,296 shares in the last quarter. Renaissance Technologies LLC boosted its position in Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after buying an additional 734,200 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Etsy by 14.3% in the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after buying an additional 721,454 shares during the period. Pacer Advisors Inc. raised its position in shares of Etsy by 52.3% during the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after acquiring an additional 721,453 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Etsy by 76.2% during the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after acquiring an additional 517,480 shares during the last quarter. 99.53% of the stock is 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.