Etsy (NASDAQ:ETSY) Reaches New 1-Year Low After Insider Selling

Etsy, Inc. (NASDAQ:ETSY)’s stock price hit a new 52-week low during mid-day trading on Thursday following insider selling activity. The company traded as low as $50.54 and last traded at $51.17, with a volume of 753057 shares traded. The stock had previously closed at $51.84.

Specifically, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the transaction, the insider now owns 25,121 shares of the company’s stock, valued at approximately $1,335,181.15. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $50.00 target price on shares of Etsy in a research note on Monday, September 30th. Loop Capital reduced their target price on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research note on Monday, August 12th. Stifel Nicolaus lowered their price target on Etsy from $65.00 to $64.00 and set a “hold” rating on the stock in a research note on Thursday, August 1st. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Finally, Oppenheimer lowered Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $70.22.

Etsy Stock Performance

The stock has a market cap of $6.17 billion, a P/E ratio of 24.06, a P/E/G ratio of 5.39 and a beta of 1.97. The company has a 50-day simple moving average of $55.19 and a 200-day simple moving average of $60.57.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The business had revenue of $647.80 million during the quarter, compared to the consensus estimate of $629.87 million. During the same period in the prior year, the firm earned $0.83 earnings per share. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts expect that Etsy, Inc. will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently modified their holdings of ETSY. Marshall Wace LLP lifted its holdings in Etsy by 304.2% during the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after buying an additional 1,055,296 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after acquiring an additional 734,200 shares during the period. Van ECK Associates Corp boosted its holdings in Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after acquiring an additional 721,454 shares during the last quarter. Pacer Advisors Inc. increased its position in Etsy by 52.3% in the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after purchasing an additional 721,453 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after purchasing an additional 517,480 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.