Etsy (NASDAQ:ETSY) Lowered to Sell Rating by Arete

Etsy (NASDAQ:ETSY) was downgraded by analysts at Arete from a “neutral” rating to a “sell” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $43.00 price target on the specialty retailer’s stock. Arete’s target price points to a potential downside of 27.48% from the company’s previous close.

A number of other equities analysts have also recently issued reports on ETSY. Morgan Stanley lowered their price objective on shares of Etsy from $40.00 to $38.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Barclays lowered their price target on shares of Etsy from $55.00 to $53.00 and set an “equal weight” rating for the company in a report on Wednesday, April 30th. Bank of America cut their price objective on Etsy from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company lowered their target price on Etsy from $46.00 to $40.00 and set an “underweight” rating for the company in a report on Thursday, May 1st. Finally, B. Riley dropped their target price on Etsy from $62.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Etsy has a consensus rating of “Hold” and an average price target of $50.17.

Etsy Stock Down 1.5%

Shares of ETSY stock opened at $59.29 on Wednesday. The business has a fifty day simple moving average of $48.73 and a 200 day simple moving average of $51.26. The company has a market cap of $6.18 billion, a P/E ratio of 25.02, a P/E/G ratio of 2.57 and a beta of 1.80. Etsy has a twelve month low of $40.05 and a twelve month high of $66.81.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). The business had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 EPS. As a group, equities research analysts anticipate that Etsy will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $58.77, for a total transaction of $88,155.00. Following the completion of the sale, the insider now directly owns 31,822 shares in the company, valued at $1,870,178.94. This represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $48.23, for a total transaction of $1,044,951.18. Following the transaction, the chief executive officer now directly owns 31,818 shares of the company’s stock, valued at $1,534,582.14. This represents a 40.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 205,418 shares of company stock worth $11,234,192. 2.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc increased its holdings in Etsy by 1,066.3% in the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer’s stock worth $454,000 after purchasing an additional 8,797 shares in the last quarter. DJE Kapital AG acquired a new stake in shares of Etsy during the 4th quarter worth approximately $983,000. Charles Schwab Investment Management Inc. increased its stake in shares of Etsy by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer’s stock valued at $59,820,000 after acquiring an additional 122,126 shares in the last quarter. JBGlobal.com LLC increased its stake in shares of Etsy by 68.2% in the 1st quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer’s stock valued at $606,000 after acquiring an additional 5,206 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Etsy during the 4th quarter valued at $492,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.