Etsy (NYSE:ETSY) Reaches New 52-Week High – Here’s Why

Etsy Inc (NYSE:ETSY) reached a new 52-week high during trading on Wednesday . The stock traded as high as $87.26 and last traded at $86.2410, with a volume of 1143778 shares traded. The stock had previously closed at $86.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Guggenheim began coverage on shares of Etsy in a research report on Thursday, May 21st. They set a “buy” rating for the company. The Goldman Sachs Group raised shares of Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. Zacks Research downgraded Etsy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price objective on Etsy from $78.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, President Capital raised Etsy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $91.00 in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $75.36.

Etsy Price Performance

The stock’s fifty day simple moving average is $74.17 and its 200-day simple moving average is $62.45. The firm has a market cap of $8.12 billion, a PE ratio of 35.72, a PEG ratio of 3.28 and a beta of 1.83.

Insider Buying and Selling at Etsy

In related news, Director Frederick R. Wilson sold 20,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $74.39, for a total value of $1,487,800.00. Following the completion of the transaction, the director owned 441,329 shares in the company, valued at $32,830,464.31. This trade represents a 4.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of Etsy stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70. Following the sale, the insider directly owned 130,694 shares of the company’s stock, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 622,500 shares of company stock worth $44,791,414. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

Large investors have recently bought and sold shares of the company. EFG International AG purchased a new position in Etsy during the 4th quarter worth approximately $33,000. Blue Trust Inc. boosted its holdings in shares of Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after acquiring an additional 200 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Etsy in the 3rd quarter valued at $66,000. Federation des caisses Desjardins du Quebec increased its stake in shares of Etsy by 22.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after acquiring an additional 225 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Etsy in the fourth quarter worth $79,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.