Citigroup Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

by · The Cerbat Gem

Etsy (NASDAQ:ETSY – Get Free Report) had its target price dropped by equities research analysts at Citigroup from $65.00 to $54.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price target suggests a potential upside of 4.98% from the company’s current price.

Several other brokerages also recently weighed in on ETSY. Loop Capital cut their target price on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Truist Financial decreased their target price on Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a report on Thursday. Wolfe Research assumed coverage on Etsy in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Raymond James cut their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, UBS Group decreased their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $65.65.

Check Out Our Latest Analysis on Etsy

Etsy Price Performance

Shares of NASDAQ:ETSY traded up $3.45 during mid-day trading on Thursday, reaching $51.44. 10,134,917 shares of the company were exchanged, compared to its average volume of 3,761,371. The firm’s 50-day simple moving average is $52.70 and its 200 day simple moving average is $58.30. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 23.49, a P/E/G ratio of 4.85 and a beta of 1.97.

Etsy (NASDAQ:ETSY – Get Free Report) last posted its 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). The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. Etsy’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. On average, research analysts forecast that Etsy will post 2.38 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has authorized a share buyback plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Tuesday, September 3rd. The stock was 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were 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 owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,619 shares of company stock valued at $240,825 in the last three months. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Etsy

Several hedge funds and other institutional investors have recently bought and sold shares of ETSY. Everence Capital Management Inc. acquired a new stake in shares of Etsy during the third quarter worth $834,000. TD Asset Management Inc grew its holdings in Etsy by 16.8% in the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after purchasing an additional 221,275 shares during the period. Diversified Trust Co raised its stake in Etsy by 11.5% during the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after purchasing an additional 668 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Etsy by 12.6% in the 1st quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after purchasing an additional 16,458 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in shares of Etsy by 740.9% during the 3rd quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock worth $3,082,000 after buying an additional 48,900 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Company Profile

(Get Free Report)

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.

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