Etsy (NASDAQ:ETSY) Downgraded to Sell Rating by Arete

Etsy (NASDAQ:ETSY) was downgraded by research analysts at Arete from a “neutral” rating to a “sell” rating in a research note issued to investors on Wednesday,Finviz reports. They currently have a $43.00 price target on the specialty retailer’s stock. Arete’s price objective points to a potential downside of 30.45% from the stock’s current price.

A number of other research firms have also recently weighed in on ETSY. Cantor Fitzgerald raised their price objective on Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. 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 report on Tuesday, April 8th. Barclays lowered their price target 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. Loop Capital lowered their price target on Etsy from $40.00 to $37.00 and set a “sell” rating for the company in a research report on Thursday, May 1st. Finally, UBS Group lowered their price target on Etsy from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $50.17.

Etsy Trading Down 3.2%

Shares of NASDAQ:ETSY opened at $61.83 on Wednesday. Etsy has a 12-month low of $40.05 and a 12-month high of $66.90. The business’s fifty day simple moving average is $48.11 and its 200-day simple moving average is $51.17. The company has a market capitalization of $6.45 billion, a PE ratio of 26.09, a P/E/G ratio of 2.57 and a beta of 1.80.

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

Insider Buying and Selling at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $48.24, for a total value of $72,360.00. Following the completion of the transaction, the insider now owns 34,822 shares in the company, valued at $1,679,813.28. The trade was a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 151,666 shares of Etsy stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $57.68, for a total value of $8,748,094.88. Following the completion of the transaction, the chief executive officer now owns 107,809 shares of the company’s stock, valued at approximately $6,218,423.12. This represents a 58.45% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 205,418 shares of company stock worth $11,234,192. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several large investors have recently bought and sold shares of the company. Lindbrook Capital LLC increased its stake in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after buying an additional 181 shares in the last quarter. Larson Financial Group LLC increased its stake in Etsy by 8.7% during the 4th quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock worth $144,000 after buying an additional 218 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 248 shares during the last quarter. Heron Bay Capital Management boosted its holdings in shares of Etsy by 1.3% during the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after purchasing an additional 258 shares during the last quarter. Finally, Denver PWM LLC boosted its holdings in shares of Etsy by 36.1% during the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after purchasing an additional 289 shares during the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

About Etsy

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.