Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP reduced its stake in Etsy, Inc. (NASDAQ:ETSY) by 71.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,314 shares of the specialty retailer’s stock after selling 391,399 shares during the period. Invenomic Capital Management LP’s holdings in Etsy were worth $8,625,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ETSY. Blue Trust Inc. grew its holdings in Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Etsy by 112.3% in the 3rd 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 in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Etsy during the 2nd quarter worth $42,000. Capital Performance Advisors LLP acquired a new stake in shares of Etsy in the 3rd quarter valued at about $43,000. Finally, Prospera Private Wealth LLC acquired a new position in shares of Etsy during the 3rd quarter worth about $59,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The stock was 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 $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,069 shares of company stock worth $261,888. Corporate insiders own 2.60% of the company’s stock.

Etsy Price Performance

ETSY opened at $55.43 on Tuesday. The company has a market capitalization of $6.24 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 6.48 and a beta of 1.99. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The business has a 50-day moving average of $52.06 and a 200-day moving average of $56.24.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts expect that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ETSY has been the topic of a number of recent analyst reports. Citigroup cut their price objective on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Loop Capital cut their target price on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company cut their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a report on Friday, November 1st. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price objective on shares of Etsy in a research note on Monday, October 7th. Finally, Moffett Nathanson lifted their target price on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $64.71.

Etsy Company Profile

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.