Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Moffett Nathanson Analyst Says

Etsy (NASDAQ:ETSY) had its target price boosted by stock analysts at Moffett Nathanson from $60.00 to $61.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Moffett Nathanson’s target price would suggest a potential upside of 12.17% from the company’s previous close.

Several other analysts also recently issued reports on ETSY. Citigroup reduced their price target on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Piper Sandler reissued a “neutral” rating and set a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Raymond James reduced their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Truist Financial cut their target price on shares of Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Loop Capital decreased their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Etsy presently has a consensus rating of “Hold” and a consensus price target of $64.71.

Etsy Trading Down 2.3 %

ETSY stock traded down $1.30 on Tuesday, hitting $54.38. The company’s stock had a trading volume of 352,697 shares, compared to its average volume of 3,742,392. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 6.17 and a beta of 1.99. The firm has a 50 day moving average of $52.00 and a two-hundred day moving average of $56.54. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, equities analysts forecast that Etsy will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has approved a share repurchase program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the transaction, the insider now owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,819 shares of company stock valued at $303,438 over the last ninety days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted 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 buying an additional 231 shares during the period. UMB Bank n.a. boosted its holdings in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 292 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Etsy in the second quarter valued at about $42,000. Capital Performance Advisors LLP bought a new position in shares of Etsy in the third quarter worth about $43,000. Finally, Prospera Private Wealth LLC acquired a new position in shares of Etsy during the 3rd quarter worth about $59,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.