Zacks Investment Research Downgrades Etsy Inc. (ETSY) to Hold
Etsy Inc. (NASDAQ:ETSY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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 brokerages have also recently issued reports on ETSY. Morgan Stanley lowered their target price on shares of Etsy from $11.50 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday, August 3rd. Goldman Sachs Group Inc. increased their price target on shares of Etsy from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Loop Capital assumed coverage on shares of Etsy in a research note on Tuesday, September 13th. They set a “hold” rating and a $14.00 price target for the company. Vetr cut shares of Etsy from a “strong-buy” rating to a “buy” rating and set a $12.44 price target for the company. in a research note on Monday, August 1st. Finally, RBC Capital Markets reiterated a “neutral” rating and set a $13.00 price target (up previously from $11.00) on shares of Etsy in a research note on Friday, August 5th. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $14.16.
Shares of Etsy (NASDAQ:ETSY) traded up 4.42% during mid-day trading on Tuesday, hitting $15.37. 2,713,018 shares of the stock traded hands. Etsy has a 12-month low of $6.04 and a 12-month high of $15.83. The firm’s 50 day moving average price is $14.05 and its 200 day moving average price is $10.70. The firm’s market cap is $1.71 billion.
Etsy (NASDAQ:ETSY) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $0.05. Etsy had a negative net margin of 5.37% and a negative return on equity of 3.08%. The company earned $85.35 million during the quarter, compared to analyst estimates of $80.55 million. During the same quarter in the previous year, the company posted ($0.07) EPS. The company’s quarterly revenue was up 38.9% on a year-over-year basis. On average, equities research analysts predict that Etsy will post ($0.06) EPS for the current fiscal year.
In other news, insider John Allspaw sold 36,532 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $15.00, for a total value of $547,980.00. Following the completion of the transaction, the insider now owns 39,928 shares in the company, valued at approximately $598,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kristina Salen sold 156,839 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $15.00, for a total transaction of $2,352,585.00. Following the completion of the transaction, the chief financial officer now owns 158,581 shares of the company’s stock, valued at approximately $2,378,715. The disclosure for this sale can be found here. Company insiders own 11.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in ETSY. California State Teachers Retirement System increased its position in shares of Etsy by 420.5% in the second quarter. California State Teachers Retirement System now owns 220,196 shares of the company’s stock worth $2,112,000 after buying an additional 177,889 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Etsy by 173.8% in the second quarter. Bank of New York Mellon Corp now owns 316,333 shares of the company’s stock worth $3,034,000 after buying an additional 200,785 shares during the last quarter. Boston Private Wealth LLC boosted its stake in shares of Etsy by 0.3% in the second quarter. Boston Private Wealth LLC now owns 24,544 shares of the company’s stock worth $235,000 after buying an additional 75 shares during the last quarter. American Century Companies Inc. acquired a new stake in shares of Etsy during the second quarter worth approximately $166,000. Finally, Strs Ohio acquired a new stake in shares of Etsy during the second quarter worth approximately $535,000. Institutional investors and hedge funds own 58.14% of the company’s stock.
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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