Etsy (NASDAQ:ETSY) Rating Lowered to Sell at Loop Capital

Etsy (NASDAQ:ETSY) was downgraded by stock analysts at Loop Capital from a “hold” rating to a “sell” rating in a research report issued on Thursday, MarketBeat Ratings reports. They presently have a $50.00 price objective on the specialty retailer’s stock, down from their previous price objective of $70.00. Loop Capital’s price objective suggests a potential downside of 16.62% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Piper Sandler upped their price objective on shares of Etsy from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft lowered their price objective on Etsy from $80.00 to $65.00 and set a “hold” rating on the stock in a report on Wednesday, April 10th. Oppenheimer reduced their target price on Etsy from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Evercore ISI lowered their price target on Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Etsy in a research note on Friday, March 1st. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus target price of $79.96.

Etsy Stock Up 1.2 %

Shares of ETSY traded up $0.73 during midday trading on Thursday, reaching $59.97. 5,617,654 shares of the stock were exchanged, compared to its average volume of 3,661,918. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 4.16 and a beta of 2.00. Etsy has a 12-month low of $56.60 and a 12-month high of $102.81. The firm has a 50 day simple moving average of $67.77 and a 200-day simple moving average of $71.52.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. Etsy’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 EPS. Research analysts expect that Etsy will post 2.55 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total value of $107,730.00. Following the sale, the insider now directly owns 13,138 shares in the company, valued at approximately $943,571.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Merilee Buckley sold 1,671 shares of Etsy stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total transaction of $107,730.00. Following the sale, the insider now directly owns 13,138 shares in the company, valued at $943,571.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,968 shares of company stock worth $4,836,827. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Etsy by 23.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock worth $19,977,000 after acquiring an additional 57,785 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Etsy by 4.3% in the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock valued at $77,118,000 after purchasing an additional 48,934 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Etsy in the 4th quarter worth approximately $2,273,000. International Assets Investment Management LLC acquired a new position in Etsy during the 4th quarter worth $38,490,000. Finally, CVA Family Office LLC bought a new position in Etsy in the 4th quarter valued at $27,000. Institutional investors 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.