Hidden Lake Asset Management LP Acquires Shares of 92,767 Etsy Inc $ETSY

Hidden Lake Asset Management LP acquired a new position in shares of Etsy Inc (NYSE:ETSY) during the 3rd quarter, Holdings Channel reports. The firm acquired 92,767 shares of the company’s stock, valued at approximately $6,159,000. Etsy accounts for about 0.8% of Hidden Lake Asset Management LP’s investment portfolio, making the stock its 19th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in ETSY. Heritage Wealth Advisors grew its position in shares of Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the company’s stock worth $25,000 after buying an additional 405 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Etsy in the second quarter valued at $35,000. Employees Retirement System of Texas acquired a new stake in Etsy in the second quarter valued at $47,000. SJS Investment Consulting Inc. boosted its stake in Etsy by 12,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock valued at $51,000 after acquiring an additional 756 shares during the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in Etsy during the 3rd quarter valued at $51,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $58.45, for a total transaction of $329,424.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles Andrew Ballard sold 1,790 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total value of $99,774.60. Following the completion of the sale, the director directly owned 4,006 shares in the company, valued at $223,294.44. This represents a 30.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 116,058 shares of company stock valued at $6,576,362 over the last quarter. Corporate insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. B. Riley Financial dropped their target price on shares of Etsy from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Jefferies Financial Group reduced their target price on Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a report on Thursday, February 12th. BNP Paribas Exane initiated coverage on shares of Etsy in a report on Monday, November 24th. They issued a “neutral” rating for the company. Canaccord Genuity Group reduced their price objective on Etsy from $80.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Etsy in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Etsy has a consensus rating of “Hold” and an average target price of $60.80.

Etsy Trading Up 0.0%

Shares of NYSE ETSY opened at $52.00 on Monday. The company has a market capitalization of $5.00 billion, a PE ratio of 39.69, a P/E/G ratio of 3.31 and a beta of 1.74. The company’s 50-day moving average is $55.38. Etsy Inc has a fifty-two week low of $40.05 and a fifty-two week high of $76.51.

Etsy (NYSE:ETSY) last announced its earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The firm had revenue of $881.64 million during the quarter.

Etsy announced that its board has approved a share repurchase program on Thursday, December 18th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.