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

Etsy (NASDAQ:ETSY) had its price target lowered by equities research analysts at Morgan Stanley from $40.00 to $38.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the specialty retailer’s stock. Morgan Stanley’s price objective indicates a potential downside of 14.22% from the stock’s current price.

Several other research firms have also recently issued reports on ETSY. JPMorgan Chase & Co. decreased their target price on shares of Etsy from $50.00 to $42.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Loop Capital reduced their target price on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald upped their price target on Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday. The Goldman Sachs Group reduced their price objective on Etsy from $45.00 to $35.00 and set a “sell” rating on the stock in a research note on Tuesday, April 22nd. Finally, Barclays dropped their target price on shares of Etsy from $55.00 to $53.00 and set an “equal weight” rating for the company in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Etsy currently has an average rating of “Hold” and an average price target of $50.14.

Etsy Stock Performance

Shares of ETSY opened at $44.30 on Thursday. Etsy has a 1 year low of $40.05 and a 1 year high of $66.93. The company’s 50 day simple moving average is $45.88 and its 200 day simple moving average is $51.11. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The business had revenue of $651.18 million during the quarter, compared to analysts’ expectations of $642.22 million. During the same period in the prior year, the firm earned $0.48 EPS. Etsy’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Insider Transactions at Etsy

In related news, insider Toni Thompson Nadal sold 1,444 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $48.30, for a total value of $69,745.20. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $28,593.60. The trade was a 70.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the transaction, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,952 shares of company stock valued at $2,554,620. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors have recently modified their holdings of the business. Lindbrook Capital LLC boosted its stake in Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares during the period. True Wealth Design LLC boosted its position in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares during the period. Hurley Capital LLC bought a new position in Etsy during the 4th quarter worth $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Etsy in the fourth quarter worth $34,000. Finally, Summit Securities Group LLC bought a new stake in Etsy in the fourth quarter valued at $37,000. Institutional investors own 99.53% of the company’s stock.

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.