Loop Capital Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target lowered by equities researchers at Loop Capital from $45.00 to $40.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “sell” rating on the specialty retailer’s stock. Loop Capital’s price objective points to a potential downside of 21.17% from the company’s previous close.

Several other research analysts have also recently issued reports on ETSY. Cantor Fitzgerald cut their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday. JMP Securities reiterated a “market perform” rating on shares of Etsy in a report on Monday, December 16th. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and lifted their price target for the company from $45.00 to $55.00 in a report on Monday, January 13th. Wells Fargo & Company lifted their price target on shares of Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday. Finally, Morgan Stanley cut their price target on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus target price of $60.21.

Etsy Stock Down 1.5 %

Shares of Etsy stock traded down $0.79 on Thursday, hitting $50.74. The stock had a trading volume of 3,023,042 shares, compared to its average volume of 3,249,858. Etsy has a one year low of $47.10 and a one year high of $78.65. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 2.83 and a beta of 2.00. The stock’s 50-day simple moving average is $54.73 and its two-hundred day simple moving average is $53.83.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter last year, the business earned $0.62 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. As a group, equities analysts predict that Etsy will post 2.25 EPS for the current fiscal year.

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

Insider Activity

In related news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, 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 can be accessed through this link. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lindbrook Capital LLC boosted its stake in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 181 shares during the period. Larson Financial Group LLC raised its holdings in shares of Etsy by 8.7% during the 4th quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock worth $144,000 after acquiring an additional 218 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares in the last quarter. Heron Bay Capital Management raised its holdings in shares of Etsy by 1.3% during the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after acquiring an additional 258 shares in the last quarter. Finally, Denver PWM LLC raised its holdings in shares of Etsy by 36.1% during the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after acquiring an additional 289 shares in the last quarter. 99.53% of the stock is currently 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.