Etsy (NASDAQ:ETSY) Downgraded to “Market Perform” at JMP Securities

Etsy (NASDAQ:ETSY) was downgraded by stock analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, Briefing.com reports.

ETSY has been the topic of a number of other research reports. Morgan Stanley dropped their price target on Etsy from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Thursday. Truist Financial dropped their price target on Etsy from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday. Evercore ISI dropped their price target on Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Barclays dropped their price target on Etsy from $67.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Piper Sandler increased their price objective on Etsy from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $79.75.

Etsy Stock Performance

ETSY stock traded down $10.88 during mid-day trading on Thursday, reaching $58.86. The company had a trading volume of 14,724,413 shares, compared to its average volume of 3,803,430. Etsy has a fifty-two week low of $56.60 and a fifty-two week high of $102.81. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 4.81 and a beta of 2.00. The firm has a fifty day simple moving average of $68.28 and a 200 day simple moving average of $71.65.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. The company’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS. As a group, analysts predict that Etsy will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at $183,868.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Etsy news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the transaction, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the transaction, the chief accounting officer now owns 2,827 shares in the company, valued at approximately $183,868.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Etsy by 27.8% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock valued at $2,913,000 after purchasing an additional 9,800 shares during the last quarter. Xponance Inc. lifted its position in Etsy by 8.1% in the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock worth $1,670,000 after purchasing an additional 1,946 shares during the period. Raymond James & Associates lifted its position in Etsy by 2.0% in the third quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock worth $7,140,000 after purchasing an additional 2,204 shares during the period. Rovin Capital UT ADV lifted its position in shares of Etsy by 28.6% during the 3rd quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock valued at $354,000 after acquiring an additional 1,218 shares during the last quarter. Finally, Concord Wealth Partners increased its position in Etsy by 9,333.3% during the third quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after buying an additional 1,960 shares during the last quarter. 99.53% of the stock is owned by 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.