JMP Securities Lowers Etsy (NASDAQ:ETSY) to Market Perform

JMP Securities downgraded shares of Etsy (NASDAQ:ETSY) from an outperform rating to a market perform rating in a research note published on Thursday morning, MarketBeat reports.

A number of other research firms also recently issued reports on ETSY. B. Riley cut their target price on shares of Etsy from $91.00 to $83.00 and set a buy rating on the stock in a research report on Thursday. Loop Capital lowered shares of Etsy from a hold rating to a sell rating and cut their price objective for the company from $70.00 to $50.00 in a report on Thursday. UBS Group lowered their target price on shares of Etsy from $75.00 to $72.00 and set a neutral rating for the company in a report on Thursday, February 22nd. BTIG Research cut their price target on Etsy from $87.00 to $78.00 and set a buy rating on the stock in a research note on Thursday. Finally, Piper Sandler lifted their price objective on Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research note on Thursday, February 22nd. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $79.96.

Etsy Trading Up 1.2 %

Shares of ETSY traded up $0.73 during mid-day trading on Thursday, hitting $59.97. 5,617,654 shares of the company traded hands, compared to its average volume of 3,661,918. The business has a 50-day moving average of $67.77 and a 200 day moving average of $71.53. Etsy has a one year low of $56.60 and a one year high of $102.81. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 4.22 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 earnings per share. As a group, analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total transaction of $49,507.50. Following the completion of the transaction, the insider now directly owns 19,682 shares in the company, valued at approximately $1,299,208.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.01, for a total transaction of $49,507.50. Following the transaction, the insider now owns 19,682 shares of the company’s stock, valued at approximately $1,299,208.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the sale, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The disclosure for this sale can be found here. Insiders have sold a total of 66,968 shares of company stock valued at $4,836,827 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Institutional investors and hedge funds have recently modified their holdings of the company. Capital International Investors increased its position in Etsy by 0.6% during the fourth quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock worth $662,605,000 after buying an additional 45,305 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Etsy by 9.2% during the 1st quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock worth $346,528,000 after acquiring an additional 425,620 shares during the period. Bares Capital Management Inc. increased its holdings in shares of Etsy by 0.9% during the 4th quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock worth $330,711,000 after acquiring an additional 36,623 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Etsy by 2.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock valued at $126,068,000 after acquiring an additional 30,561 shares during the period. Finally, TD Asset Management Inc lifted its holdings in Etsy by 260.2% during the 4th quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after purchasing an additional 952,907 shares during the last quarter. 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.