Etsy Inc. (ETSY) Upgraded at Zacks Investment Research
Etsy Inc. (NASDAQ:ETSY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $16.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 8.70% from the stock’s previous close.
According to Zacks, “Etsy, Inc. offers e-commerce services. It provides online and offline marketplaces to buy and sell goods. The company’s product include art, home and living, mobile accessories, jewelry, wedding, and others. It operates primarily in Berlin, Germany, Dublin, Ireland, Hudson, New York, London, United Kingdom, Melbourne, Australia, Paris, France, San Francisco, California and Toronto, Canada. Etsy, Inc. is headquartered in Brooklyn, New York. “
Several other research firms have also weighed in on ETSY. Citigroup Inc. began coverage on shares of Etsy in a research report on Monday, August 1st. They set a “buy” rating and a $14.00 price target for the company. Roth Capital upgraded shares of Etsy from a “sell” rating to a “neutral” rating and increased their target price for the stock from $6.50 to $14.25 in a research report on Wednesday, August 3rd. Maxim Group increased their target price on shares of Etsy from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. TheStreet upgraded shares of Etsy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 3rd. Finally, Wedbush reiterated a “neutral” rating and set a $13.00 target price (up previously from $10.00) on shares of Etsy in a research report on Wednesday, August 3rd. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $14.16.
Shares of Etsy (NASDAQ:ETSY) traded up 3.08% during trading on Monday, hitting $14.72. 2,401,498 shares of the stock traded hands. Etsy has a 1-year low of $6.04 and a 1-year high of $15.70. The company’s market cap is $1.63 billion. The stock has a 50-day moving average of $14.04 and a 200 day moving average of $10.63.
Etsy (NASDAQ:ETSY) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. Etsy had a negative return on equity of 3.08% and a negative net margin of 5.37%. The firm earned $85.35 million during the quarter, compared to the consensus estimate of $80.55 million. During the same quarter in the previous year, the company earned ($0.07) EPS. The business’s revenue was up 38.9% compared to the same quarter last year. On average, equities research analysts predict that Etsy will post ($0.06) EPS for the current fiscal year.
In other Etsy news, Director Frederick R. Wilson sold 216,399 shares of Etsy stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $13.61, for a total transaction of $2,945,190.39. Following the transaction, the director now directly owns 822,062 shares of the company’s stock, valued at $11,188,263.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Allspaw sold 63,468 shares of Etsy stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $12.50, for a total transaction of $793,350.00. Following the transaction, the insider now directly owns 66,864 shares in the company, valued at $835,800. The disclosure for this sale can be found here. 11.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ETSY. Schwab Charles Investment Management Inc. increased its position in Etsy by 216.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,806 shares of the company’s stock valued at $1,782,000 after buying an additional 126,998 shares during the period. Amalgamated Bank acquired a new position in Etsy during the second quarter valued at approximately $161,000. American Century Companies Inc. acquired a new position in Etsy during the second quarter valued at approximately $166,000. Legal & General Group Plc increased its position in Etsy by 1,829.4% in the second quarter. Legal & General Group Plc now owns 11,017 shares of the company’s stock valued at $104,000 after buying an additional 10,446 shares during the period. Finally, Metropolitan Life Insurance Co. NY acquired a new position in Etsy during the second quarter valued at approximately $738,000. 58.14% of the stock is currently owned by hedge funds and other institutional investors.
Etsy Company Profile
Etsy, Inc (Etsy) operates a marketplace to connect people around the both online and offline for making, selling and buying goods. The Company’s geographical segments include United States and International. The Company’s community includes Etsy sellers, Etsy buyers, wholesale partners, manufacturers and Etsy employees.
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