Canaccord Genuity Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its target price decreased by investment analysts at Canaccord Genuity Group from $105.00 to $76.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 48.96% from the company’s previous close.

Several other analysts have also issued reports on the company. Raymond James cut their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Wells Fargo & Company raised their price target on Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday. UBS Group cut their price objective on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday. Stifel Nicolaus decreased their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, Truist Financial cut their price target on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Etsy presently has a consensus rating of “Hold” and an average target price of $60.63.

Etsy Trading Down 1.0 %

NASDAQ:ETSY traded down $0.51 on Thursday, hitting $51.02. 1,760,294 shares of the company’s stock traded hands, compared to its average volume of 3,209,437. The firm has a 50-day moving average price of $54.73 and a 200-day moving average price of $53.83. The company has a market cap of $5.74 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. Etsy has a 1 year low of $47.10 and a 1 year high of $78.65.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.08. The firm had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. On average, research analysts forecast that Etsy will post 2.25 EPS for the current fiscal year.

Etsy announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Blue Trust Inc. grew its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after buying an additional 181 shares in the last quarter. True Wealth Design LLC raised its stake in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after acquiring an additional 292 shares during the last quarter. Hurley Capital LLC acquired a new position in shares of Etsy in the 4th quarter worth approximately $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Etsy in the 4th quarter valued at $34,000. Institutional investors own 99.53% of the company’s stock.

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.