Etsy (NASDAQ:ETSY) Trading Down 2.5% on Analyst Downgrade

Shares of Etsy, Inc. (NASDAQ:ETSY) dropped 2.5% during mid-day trading on Monday after Stifel Nicolaus lowered their price target on the stock from $67.00 to $65.00. Stifel Nicolaus currently has a hold rating on the stock. Etsy traded as low as $60.24 and last traded at $61.22. Approximately 346,533 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 3,581,964 shares. The stock had previously closed at $62.76.

A number of other research analysts have also recently commented on ETSY. Citigroup cut their price target on shares of Etsy from $72.00 to $62.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. JMP Securities downgraded Etsy from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Barclays lowered their price target on Etsy from $67.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Guggenheim cut their price objective on Etsy from $95.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Finally, Needham & Company LLC lowered their target price on shares of Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Etsy currently has an average rating of “Hold” and a consensus price target of $79.92.

Insider Buying and Selling

In related news, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $94,841.92. Following the transaction, the insider now directly owns 592 shares in the company, valued at $38,882.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently modified their holdings of ETSY. 1620 Investment Advisors Inc. acquired a new stake in shares of Etsy during the second quarter worth about $42,000. Nisa Investment Advisors LLC increased its holdings in Etsy by 3.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock worth $526,000 after purchasing an additional 316 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Etsy by 4.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 13,038 shares of the specialty retailer’s stock valued at $769,000 after purchasing an additional 601 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Etsy by 22.5% in the second quarter. Assenagon Asset Management S.A. now owns 733,105 shares of the specialty retailer’s stock valued at $43,239,000 after purchasing an additional 134,782 shares in the last quarter. Finally, SteelPeak Wealth LLC acquired a new position in shares of Etsy during the second quarter worth about $242,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Stock Down 2.6 %

The stock has a fifty day moving average of $61.29 and a 200-day moving average of $66.54. The firm has a market capitalization of $7.11 billion, a P/E ratio of 27.76, a P/E/G ratio of 5.13 and a beta of 2.02.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. During the same period in the prior year, the business earned $0.53 earnings per share. Etsy’s revenue was up .8% compared to the same quarter last year. Sell-side analysts predict that Etsy, Inc. will post 2.48 EPS for the current fiscal year.

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.