Etsy (NASDAQ:ETSY) Shares Gap Up – Here’s Why

Etsy, Inc. (NASDAQ:ETSY)’s share price gapped up before the market opened on Monday . The stock had previously closed at $54.91, but opened at $57.00. Etsy shares last traded at $56.65, with a volume of 1,065,516 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ETSY shares. Truist Financial reduced their target price on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft upped their price target on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Barclays lowered their price objective on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. JMP Securities restated a “market perform” rating on shares of Etsy in a report on Monday, December 16th. Finally, Moffett Nathanson upped their price target on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $62.42.

Etsy Trading Down 1.6 %

The firm has a market cap of $6.07 billion, a PE ratio of 27.53, a PEG ratio of 2.69 and a beta of 2.00. The company’s 50 day moving average price is $55.17 and its two-hundred day moving average price is $54.31.

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

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the sale, the insider now directly owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

Large investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in Etsy in the 2nd quarter worth approximately $967,000. Diversified Trust Co increased its position in Etsy by 58.8% in the third quarter. Diversified Trust Co now owns 10,257 shares of the specialty retailer’s stock worth $570,000 after purchasing an additional 3,798 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in Etsy during the third quarter valued at $279,000. UMB Bank n.a. grew its stake in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares in the last quarter. Finally, Wynn Capital LLC purchased a new stake in shares of Etsy during the 3rd quarter valued at about $205,000. 99.53% of the stock is owned by institutional investors.

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.