Etsy (NASDAQ:ETSY) Sets New 52-Week Low Following Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY)’s stock price reached a new 52-week low on Tuesday after UBS Group lowered their price target on the stock from $65.00 to $58.00. UBS Group currently has a neutral rating on the stock. Etsy traded as low as $47.69 and last traded at $47.69, with a volume of 80508 shares changing hands. The stock had previously closed at $49.61.

A number of other brokerages have also weighed in on ETSY. Oppenheimer lowered shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Etsy in a research report on Monday, October 7th. Truist Financial reiterated a “buy” rating and set a $76.00 target price on shares of Etsy in a report on Tuesday, September 24th. Loop Capital lowered their target price on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research note on Monday, August 12th. Finally, Wells Fargo & Company reduced their price target on Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $69.36.

Insiders Place Their Bets

In other news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $59.74, for a total value of $44,805.00. Following the completion of the transaction, the insider now owns 18,833 shares in the company, valued at $1,125,083.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the company’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 transaction, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,619 shares of company stock valued at $300,670. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. boosted its holdings in shares of Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 429 shares during the last quarter. UMB Bank n.a. lifted its position in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after purchasing an additional 292 shares during the period. Larson Financial Group LLC boosted its holdings in Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 536 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in Etsy in the 2nd quarter worth approximately $42,000. Finally, Headlands Technologies LLC purchased a new stake in Etsy during the 1st quarter valued at $59,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

The stock has a market capitalization of $6.14 billion, a P/E ratio of 23.99, a PEG ratio of 4.99 and a beta of 1.97. The firm has a fifty day moving average price of $53.60 and a two-hundred day moving average price of $59.49.

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

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.