Etsy (NASDAQ:ETSY) Hits New 1-Year Low Following Weak Earnings

Etsy, Inc. (NASDAQ:ETSY) reached a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $56.60 and last traded at $58.00, with a volume of 4434449 shares traded. The stock had previously closed at $69.74.

The specialty retailer reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a negative return on equity of 68.52% and a net margin of 10.75%. Etsy’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share.

Analysts Set New Price Targets

ETSY has been the subject of several research reports. Canaccord Genuity Group reduced their price objective on Etsy from $125.00 to $105.00 and set a “buy” rating for the company in a report on Thursday. Wedbush cut their price target on Etsy from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday. Wells Fargo & Company lowered their price objective on Etsy from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Thursday. B. Riley cut their target price on shares of Etsy from $91.00 to $83.00 and set a “buy” rating for the company in a research report on Thursday. Finally, UBS Group lowered their price target on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $79.96.

Insider Transactions at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction on 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 sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares in the company, valued at approximately $183,868.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now owns 23,140 shares in the company, valued at approximately $1,677,650. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,968 shares of company stock worth $4,836,827. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CVA Family Office LLC purchased a new position in Etsy during the fourth quarter valued at $27,000. Operose Advisors LLC bought a new stake in Etsy during the third quarter worth about $28,000. Sunbelt Securities Inc. grew its holdings in Etsy by 3,900.0% in the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 429 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Etsy by 402.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after purchasing an additional 358 shares in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 536 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

The stock has a market capitalization of $7.02 billion, a P/E ratio of 27.05, a PEG ratio of 4.89 and a beta of 2.00. The business has a 50-day moving average price of $68.05 and a 200 day moving average price of $71.56.

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.