Readystate Asset Management LP Takes Position in Etsy Inc $ETSY

Readystate Asset Management LP purchased a new position in Etsy Inc (NYSE:ETSY) during the first quarter, HoldingsChannel.com reports. The fund purchased 63,414 shares of the company’s stock, valued at approximately $3,169,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ETSY. Renaissance Technologies LLC raised its stake in Etsy by 11.1% during the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock valued at $297,991,000 after buying an additional 594,768 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Etsy by 40.1% in the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after acquiring an additional 1,177,301 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Etsy by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock worth $207,022,000 after acquiring an additional 39,067 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock valued at $163,841,000 after acquiring an additional 1,112,520 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Etsy by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,573,696 shares of the company’s stock valued at $78,642,000 after acquiring an additional 100,542 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ETSY. Sanford C. Bernstein upped their price target on shares of Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a research note on Thursday, April 30th. Wall Street Zen cut shares of Etsy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Weiss Ratings upgraded shares of Etsy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Zacks Research cut shares of Etsy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Finally, Susquehanna downgraded shares of Etsy to a “neutral” rating in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $75.36.

Insider Activity

In other news, insider Josh Silverman sold 134,730 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the transaction, the insider directly owned 130,694 shares of the company’s stock, valued at $9,003,509.66. The trade was a 50.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $74.39, for a total transaction of $1,487,800.00. Following the completion of the sale, the director owned 441,329 shares in the company, valued at $32,830,464.31. This represents a 4.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 622,500 shares of company stock worth $44,791,414 in the last 90 days. Company insiders own 2.50% of the company’s stock.

Etsy Stock Performance

NYSE ETSY opened at $86.80 on Wednesday. Etsy Inc has a one year low of $44.00 and a one year high of $87.14. The stock has a 50-day moving average of $74.17 and a 200 day moving average of $62.45. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 36.17, a PEG ratio of 3.28 and a beta of 1.83.

About Etsy

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.