Invenomic Capital Management LP Reduces Stock Holdings in Etsy, Inc. (NASDAQ:ETSY)

Invenomic Capital Management LP reduced its position in Etsy, Inc. (NASDAQ:ETSY) by 13.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 134,357 shares of the specialty retailer’s stock after selling 20,957 shares during the period. Invenomic Capital Management LP’s holdings in Etsy were worth $7,106,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Lindbrook Capital LLC increased its holdings 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 buying an additional 181 shares during the last quarter. Hurley Capital LLC bought a new stake in shares of Etsy during the 4th quarter valued at about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Etsy during the fourth quarter worth about $34,000. Summit Securities Group LLC acquired a new position in Etsy in the fourth quarter valued at approximately $37,000. Finally, Kestra Investment Management LLC bought a new position in shares of Etsy during the fourth quarter valued at approximately $38,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Stock Down 1.9 %

Shares of Etsy stock opened at $46.94 on Friday. Etsy, Inc. has a 12-month low of $40.05 and a 12-month high of $66.93. The firm has a market capitalization of $4.89 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 2.57 and a beta of 1.78. The stock’s fifty day moving average is $45.44 and its 200-day moving average is $50.94.

Etsy (NASDAQ:ETSY) last posted 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). The firm had revenue of $651.18 million for the quarter, compared to analysts’ expectations of $642.22 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. Etsy’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 earnings per share. Analysts expect that Etsy, Inc. will post 2.57 EPS for the current year.

Analyst Upgrades and Downgrades

ETSY has been the subject of a number of recent research reports. Bank of America lowered their price objective on Etsy from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Etsy and gave the stock a “hold” rating in a research report on Monday, April 14th. Stifel Nicolaus cut their price objective on shares of Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Canaccord Genuity Group decreased their target price on shares of Etsy from $76.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Finally, Barclays reduced their price objective on Etsy from $55.00 to $53.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.14.

Insider Buying and Selling

In related news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $52.05, for a total value of $1,127,715.30. Following the completion of the sale, the chief executive officer now directly owns 5,004 shares of the company’s stock, valued at approximately $260,458.20. This represents a 81.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $50.48, for a total value of $75,720.00. Following the transaction, the insider now directly owns 20,698 shares in the company, valued at approximately $1,044,835.04. This trade represents a 6.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,618 shares of company stock valued at $3,469,803. Company insiders own 2.60% of the company’s stock.

Etsy 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.