Etsy (ETSY) Shares Gap Down to $20.56

Etsy Inc (NASDAQ:ETSY)’s share price gapped down prior to trading on Friday . The stock had previously closed at $21.46, but opened at $20.56. Etsy shares last traded at $19.54, with a volume of 3056341 shares.

ETSY has been the topic of several analyst reports. Zacks Investment Research raised shares of Etsy from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Tuesday. BidaskClub lowered shares of Etsy from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 6th. Stifel Nicolaus reissued a “hold” rating and set a $18.00 price objective (up from $15.00) on shares of Etsy in a report on Tuesday, November 7th. Piper Jaffray Companies reissued a “neutral” rating and set a $14.50 price objective on shares of Etsy in a report on Wednesday, October 4th. Finally, Ifs Securities reissued an “outperform” rating and set a $22.00 price objective (up from $18.00) on shares of Etsy in a report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. Etsy has a consensus rating of “Hold” and a consensus target price of $16.19.

The firm has a market capitalization of $2,380.00 and a price-to-earnings ratio of 162.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.26 and a current ratio of 4.26.

Etsy announced that its Board of Directors has authorized a share repurchase plan on Friday, November 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In related news, Director Frederick R. Wilson sold 87,938 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $16.24, for a total transaction of $1,428,113.12. Following the completion of the transaction, the director now directly owns 822,062 shares in the company, valued at $13,350,286.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ETSY. Janus Henderson Group PLC acquired a new position in Etsy during the second quarter valued at $95,291,000. TPG Group Holdings SBS Advisors Inc. lifted its position in Etsy by 2,287.5% during the second quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock valued at $75,058,000 after purchasing an additional 4,794,297 shares during the period. Southpoint Capital Advisors LP acquired a new position in Etsy during the second quarter valued at $16,650,000. Prudential Financial Inc. acquired a new position in Etsy during the third quarter valued at $13,091,000. Finally, Pictet Asset Management Ltd. acquired a new position in Etsy during the third quarter valued at $11,541,000. Institutional investors own 74.40% of the company’s stock.

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Etsy Company Profile

Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.

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