Etsy (NASDAQ:ETSY) Shares Gap Up to $64.56

Etsy, Inc. (NASDAQ:ETSY)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $64.56, but opened at $68.59. Etsy shares last traded at $66.81, with a volume of 1,221,009 shares traded.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Bank of America cut their target price on Etsy from $123.00 to $110.00 in a research report on Friday, July 28th. Sanford C. Bernstein lowered Etsy from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $120.00 to $105.00 in a research report on Thursday, August 3rd. Truist Financial lifted their price target on shares of Etsy from $120.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. TheStreet downgraded Etsy from a “c-” rating to a “d+” rating in a report on Tuesday, May 23rd. Finally, Wells Fargo & Company began coverage on Etsy in a report on Wednesday, June 7th. They issued an “underweight” rating and a $70.00 price target for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $114.54.

Etsy Price Performance

The company has a market capitalization of $8.10 billion, a price-to-earnings ratio of -11.00, a PEG ratio of 3.51 and a beta of 2.03. The stock has a 50-day moving average price of $82.04 and a 200-day moving average price of $92.71.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, August 2nd. The specialty retailer reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.42. The business had revenue of $628.88 million for the quarter, compared to analyst estimates of $621.87 million. Etsy had a negative net margin of 26.84% and a negative return on equity of 69.10%. Equities analysts forecast that Etsy, Inc. will post 2.73 earnings per share for the current year.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 10,425 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $74.29, for a total transaction of $774,473.25. Following the transaction, the chief executive officer now directly owns 14,674 shares of the company’s stock, valued at $1,090,131.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Josh Silverman sold 10,425 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $74.29, for a total value of $774,473.25. Following the transaction, the chief executive officer now owns 14,674 shares in the company, valued at $1,090,131.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Daniel sold 1,760 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $101.65, for a total transaction of $178,904.00. Following the sale, the insider now directly owns 8,704 shares of the company’s stock, valued at approximately $884,761.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,998 shares of company stock valued at $7,859,120. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of hedge funds have recently made changes to their positions in the stock. OLD Mission Capital LLC bought a new position in Etsy in the 4th quarter valued at approximately $25,000. First Capital Advisors Group LLC. acquired a new position in shares of Etsy in the 2nd quarter valued at about $25,000. Valley National Advisers Inc. boosted its holdings in shares of Etsy by 129.5% during the 1st quarter. Valley National Advisers Inc. now owns 257 shares of the specialty retailer’s stock worth $26,000 after buying an additional 145 shares in the last quarter. Spire Wealth Management boosted its stake in Etsy by 184.1% during the first quarter. Spire Wealth Management now owns 233 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 151 shares in the last quarter. Finally, CoreCap Advisors LLC bought a new position in shares of Etsy during the 4th quarter worth about $28,000. 92.98% of the stock is currently owned by institutional investors and hedge funds.

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, France, and India. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers.