On October 11, 2023, Etsy (NASDAQ:ETSY) received a reduction in its price target from equities research analysts at Jefferies Financial Group. According to a research report issued by FlyOnTheWall, the price target was lowered from $70.00 to $50.00. This revision indicates a potential downside of 22.53% from the company’s previous close.
During trading hours on Tuesday, NASDAQ ETSY saw an increase of $1.16 and reached a trading price of $64.54. Approximately 1,168,891 shares of the stock were traded, as compared to its average volume of 3,309,753 shares. The stock’s 50-day simple moving average stands at $71.45 while the two-hundred day simple moving average is at $86.50.
Over the past year, Etsy has experienced a range between a low of $61.22 and a high of $149.91. Currently, the company holds a market cap of $7.94 billion with a price-to-earnings ratio of -10.99 and a beta value of 2.04.
In terms of institutional investors, there have been recent transactions involving shares of ETSY in various portfolios. For instance, OLD Mission Capital LLC purchased new stakes in Etsy during the fourth quarter with an approximate value of $25,000. Similarly, First Capital Advisors Group LLC acquired positions in the second quarter estimated at around $25,000.
Valley National Advisers Inc., on the other hand, raised its stake in Etsy by 129.5% during the first quarter and currently owns 257 shares valued at approximately $26,000 after purchasing an additional 145 shares during that period.
Spire Wealth Management also increased its stake in Etsy by 184.1% during the first quarter and now owns 233 shares valued at around $26,000 after purchasing an additional 151 shares.
Additionally, ICA Group Wealth Management LLC purchased a new position in Etsy during the fourth quarter valued at $28,000. As of now, 92.98% of the company’s stock is owned by hedge funds and other institutional investors.
Etsy last released its quarterly earnings data on Wednesday, August 2nd. The specialty retailer reported earnings per share (EPS) of $0.83 for the quarter, surpassing the consensus estimate of $0.41 by $0.42. The firm generated revenue amounting to $628.88 million for the same period, exceeding the consensus estimate of $621.87 million.
Currently, sell-side analysts predict that Etsy will post EPS of 2.73 for the current fiscal year.
In conclusion, with Jefferies Financial Group reducing Etsy’s price target and the recent fluctuations in trading prices along with institutional transactions, the future outlook for this specialty retailer remains uncertain. Potential investors should carefully consider these factors before making any investment decisions regarding Etsy stock.
Assessing Etsy’s Recent Reports, Analyst Ratings, and Insider Transactions
In recent news regarding Etsy, various research analysts have released reports on the company. Evercore ISI, for instance, revised their price target for Etsy from $105.00 to $85.00 and assigned an “outperform” rating to the company in a research report published on September 26th. Likewise, Oppenheimer modified its price target for Etsy from $150.00 to $135.00 and also gave an “outperform” rating in its research report dated August 3rd.
Another research firm, Wolfe Research, upgraded Etsy’s rating from “peer perform” to “outperform” and set a target price of $100.00 on the stock in a report issued on September 14th. On the other hand, DA Davidson reduced the stock’s target price from $166.00 to $157.00 but maintained a “buy” rating in its report on August 3rd. Similarly, UBS Group lowered their target price for Etsy shares from $120.00 to $105.00 and specified a “neutral” rating in their July 19th report.
Interestingly, out of the total number of investment analysts who have assessed Etsy’s stock performance, two have provided it with a sell rating while ten have assigned a hold rating and fourteen have given it a buy rating. Consequently, according to data gathered by Bloomberg, the average consensus on Etsy is currently categorized as “Hold,” with an average price target of approximately $109.04.
Apart from these ratings updates, notable activity involving the director of Etsy has taken place recently as well. Director Marla J. Blow sold 600 shares of the company’s stock in a transaction that occurred on August 25th at an average price of $73.11 per share, resulting in a total transaction value of $43,866. The director now directly holds 3,289 shares of Etsy with an estimated market value of around $240,458.79. This sale was officially disclosed in a filing with the Securities & Exchange Commission (SEC), accessible via the SEC website.
CEO Josh Silverman also participated in significant stock transactions, selling 20,850 shares of Etsy on July 19th at an average price of $95.35 each, generating a total transaction value of $1,988,047.50. Following this sale, the CEO now directly owns 14,674 shares with an estimated market worth of approximately $1,399,165.90. The details of this sale are available in a disclosure document filed with the SEC using a provided hyperlink.
It is notable to mention that within the last three months alone, insiders have collectively sold 78,048 shares of Etsy’s stock amounting to approximately $6,476,065 in value. Corporate insiders currently hold around 2.60% ownership stake in the company.
With all these developments and disclosures taken into account, Etsy continues to be under close scrutiny from various analysts and investors as they assess its current standing and future potential prospects within the market. These reports and transactions provide valuable insights for those following Etsy’s progress and may guide investment decisions moving forward.