Wedbush Lowers Etsy (NASDAQ:ETSY) Price Target to $58.00

Etsy (NASDAQ:ETSY) had its target price reduced by equities research analysts at Wedbush from $65.00 to $58.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Wedbush’s price target suggests a potential upside of 16.84% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. Loop Capital reduced their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research report on Monday, August 12th. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and dropped their target price for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. UBS Group reduced their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Finally, Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $67.23.

Etsy Trading Up 0.6 %

NASDAQ:ETSY opened at $49.64 on Tuesday. Etsy has a 1 year low of $48.07 and a 1 year high of $89.58. The stock has a 50-day moving average price of $53.30 and a two-hundred day moving average price of $58.97. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 4.99 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data 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 business had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. Etsy’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 earnings per share. Sell-side analysts forecast that Etsy will post 2.38 earnings per share for the current year.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated 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 owns 18,083 shares in the company, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares in the company, valued at $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Daniel sold 750 shares of Etsy 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 directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,619 shares of company stock worth $300,670 over the last ninety days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Hedge funds have recently bought and sold shares of the business. Blue Trust Inc. increased its position in shares of 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 during the period. Sunbelt Securities Inc. raised its position in Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 429 shares in the last quarter. UMB Bank n.a. raised its position in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after purchasing an additional 292 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 536 shares in the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Etsy in the 2nd quarter valued at $42,000. 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.