Etsy (NYSE:ETSY) Stock Price Up 4.6% – Should You Buy?
by Scott Moore · The Cerbat GemEtsy Inc (NYSE:ETSY – Get Free Report) shot up 4.6% during trading on Thursday. The stock traded as high as $74.65 and last traded at $74.7520. Approximately 957,298 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 3,230,835 shares. The stock had previously closed at $71.49.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on ETSY shares. Morgan Stanley raised shares of Etsy from an “underweight” rating to an “outperform” rating in a report on Thursday, August 20th. Seaport Research Partners upgraded shares of Etsy to a “buy” rating in a report on Thursday, August 20th. Bank of America raised Etsy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $88.00 to $95.00 in a research note on Thursday, August 20th. Argus lifted their price target on shares of Etsy from $67.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Finally, President Capital raised shares of Etsy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $91.00 in a research report on Thursday, June 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eighteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $86.21.
Etsy Trading Up 2.2%
The company has a market cap of $7.29 billion, a PE ratio of 42.90, a PEG ratio of 1.88 and a beta of 1.86. The stock has a 50 day moving average price of $77.20 and a 200 day moving average price of $70.78.
Etsy (NYSE:ETSY – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). Etsy had a negative return on equity of 34.18% and a net margin of 7.32%. The firm had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. During the same quarter last year, the company posted $0.25 EPS. Etsy’s revenue for the quarter was down .7% compared to the same quarter last year. Equities analysts expect that Etsy Inc will post 3.94 EPS for the current fiscal year.
Insider Buying and Selling at Etsy
In other news, insider Richard Colburn, III sold 8,252 shares of Etsy stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $82.09, for a total transaction of $677,406.68. Following the completion of the transaction, the insider directly owned 6,503 shares in the company, valued at approximately $533,831.27. This trade represents a 55.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 41,108 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $83.11, for a total value of $3,416,485.88. Following the completion of the sale, the insider directly owned 171,932 shares in the company, valued at approximately $14,289,268.52. This represents a 19.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 127,044 shares of company stock valued at $10,418,029. Insiders own 2.50% of the company’s stock.
Institutional Investors Weigh In On Etsy
Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new stake in Etsy in the 2nd quarter worth about $1,045,000. Ieq Capital LLC purchased a new stake in shares of Etsy during the 2nd quarter valued at about $4,083,000. Landscape Capital Management L.L.C. bought a new stake in shares of Etsy in the second quarter worth approximately $6,466,000. Public Employees Retirement System of Ohio purchased a new position in shares of Etsy during the second quarter valued at approximately $2,144,000. Finally, Bank of Nova Scotia purchased a new position in shares of Etsy during the second quarter valued at approximately $18,602,000. 99.53% of the stock is owned by institutional investors.
Etsy Company Profile
Etsy, Inc operates a global online marketplace focused on unique and creative goods. Its platform connects buyers with independent sellers offering handmade products, vintage items, craft supplies, personalized merchandise, home décor, jewelry, clothing, and other specialty goods.
The company generates revenue primarily through marketplace services, including seller listing and transaction fees, payment processing, advertising, and other seller-focused services. Etsy also provides tools intended to help independent merchants manage their shops, market products, process orders, and reach customers.
Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.