Etsy Inc. (ETSY) Shares Gap Up Following Analyst Upgrade
Etsy Inc. (NASDAQ:ETSY) gapped up prior to trading on Friday after Citigroup raised their price target on the stock from $16.00 to $20.00. The stock had previously closed at $15.11, but opened at $15.13. Citigroup currently has a buy rating on the stock. Etsy shares last traded at $15.56, with a volume of 1,397,808 shares changing hands.
Several other brokerages have also recently issued reports on ETSY. Maxim Group lifted their target price on Etsy from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Wedbush reaffirmed 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. Vetr cut Etsy from a “strong-buy” rating to a “buy” rating and set a $12.44 target price on the stock. in a research report on Monday, August 1st. Loop Capital assumed coverage on Etsy in a research report on Tuesday, September 13th. They set a “hold” rating and a $14.00 target price on the stock. Finally, Morgan Stanley cut their target price on Etsy from $11.50 to $9.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 3rd. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.59.
In other Etsy news, Director Frederick R. Wilson sold 216,399 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $13.61, for a total value of $2,945,190.39. Following the sale, the director now directly owns 822,062 shares in the company, valued at $11,188,263.82. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Allspaw sold 63,468 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $12.50, for a total value of $793,350.00. Following the completion of the sale, the insider now 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 owned by company insiders.
Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its stake in shares of Etsy by 107.6% in the third quarter. BNP Paribas Arbitrage SA now owns 8,598 shares of the company’s stock valued at $123,000 after buying an additional 4,456 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of 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 last quarter. Amalgamated Bank bought a new stake in Etsy during the second quarter worth about $161,000. American Century Companies Inc. bought a new stake in Etsy during the second quarter worth about $166,000. Finally, Legal & General Group Plc raised its stake in Etsy by 1,829.4% in the second quarter. Legal & General Group Plc now owns 11,017 shares of the company’s stock worth $104,000 after buying an additional 10,446 shares during the last quarter. Hedge funds and other institutional investors own 58.14% of the company’s stock.
The stock’s 50 day moving average price is $14.18 and its 200-day moving average price is $10.85. The company’s market cap is $1.72 billion.
Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.06) earnings per share for the quarter, missing the Zacks’ 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 had revenue of $85.35 million for the quarter, compared to the consensus estimate of $80.55 million. During the same period last year, the business earned ($0.07) EPS. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. Equities research analysts anticipate that Etsy Inc. will post ($0.06) earnings per share for the current year.
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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