Etsy, Inc. (NASDAQ:ETSY) Sees Significant Increase in Short Interest

Etsy, Inc. (NASDAQ:ETSY) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 19,420,000 shares, a growth of 9.8% from the October 31st total of 17,690,000 shares. Approximately 17.4% of the shares of the company are sold short. Based on an average trading volume of 4,220,000 shares, the short-interest ratio is currently 4.6 days.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction dated 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 approximately $30,257.12. The trade was a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,069 shares of company stock valued at $261,888 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Blue Trust Inc. lifted its position in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 231 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Etsy during the second quarter worth about $42,000. Capital Performance Advisors LLP acquired a new stake in Etsy in the 3rd quarter valued at approximately $43,000. Finally, Prospera Private Wealth LLC acquired a new position in Etsy during the 3rd quarter worth approximately $59,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. UBS Group reduced their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Wells Fargo & Company dropped their price objective on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Bank of America dropped their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and decreased their target price for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Finally, Loop Capital dropped their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $64.71.

Etsy Price Performance

ETSY opened at $57.84 on Wednesday. The company’s 50 day simple moving average is $52.10 and its 200-day simple moving average is $56.19. Etsy has a one year low of $47.10 and a one year high of $89.58. The stock has a market capitalization of $6.51 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 6.55 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last issued its 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). The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the business posted $0.64 EPS. As a group, analysts anticipate that Etsy will post 2.25 EPS for the current year.

Etsy declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.