Van ECK Associates Corp Acquires 48,236 Shares of Etsy, Inc. $ETSY

Van ECK Associates Corp boosted its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 1.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,695,089 shares of the specialty retailer’s stock after buying an additional 48,236 shares during the quarter. Van ECK Associates Corp’s holdings in Etsy were worth $245,317,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. FourThought Financial Partners LLC bought a new stake in Etsy during the third quarter valued at about $209,000. Vinva Investment Management Ltd lifted its position in shares of Etsy by 191.6% in the third quarter. Vinva Investment Management Ltd now owns 11,925 shares of the specialty retailer’s stock worth $792,000 after buying an additional 7,836 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in shares of Etsy by 350.4% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 23,609 shares of the specialty retailer’s stock worth $1,567,000 after acquiring an additional 18,367 shares in the last quarter. Cresset Asset Management LLC increased its position in Etsy by 267.2% in the third quarter. Cresset Asset Management LLC now owns 14,751 shares of the specialty retailer’s stock worth $979,000 after purchasing an additional 10,734 shares during the last quarter. Finally, Picton Mahoney Asset Management lifted its position in Etsy by 30.5% during the third quarter. Picton Mahoney Asset Management now owns 95,008 shares of the specialty retailer’s stock valued at $6,307,000 after purchasing an additional 22,229 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Citigroup reissued a “buy” rating on shares of Etsy in a research report on Tuesday, December 30th. BTIG Research lowered their target price on shares of Etsy from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 19th. Canaccord Genuity Group dropped their target price on shares of Etsy from $80.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 20th. Needham & Company LLC reduced their price objective on Etsy from $76.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Finally, B. Riley Financial cut their price target on Etsy from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and an average target price of $60.40.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $55.80 on Tuesday. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51. The company has a market cap of $5.37 billion, a PE ratio of 45.00, a P/E/G ratio of 10.65 and a beta of 1.74. The business has a 50-day simple moving average of $55.64 and a two-hundred day simple moving average of $58.74.

Etsy announced that its board has approved a stock repurchase plan on Thursday, December 18th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Etsy

In other news, Director Charles Andrew Ballard sold 1,790 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total transaction of $99,774.60. Following the sale, the director directly owned 4,006 shares of the company’s stock, valued at $223,294.44. The trade was a 30.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $58.45, for a total value of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 116,058 shares of company stock worth $6,576,362. Company insiders own 2.80% of the company’s stock.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.