On October 5, 2023, it was reported that Achmea Investment Management B.V. increased its holdings in Etsy, Inc. (NASDAQ:ETSY) by 49.0% during the second quarter of the year. According to the company’s filing with the Securities and Exchange Commission, Achmea Investment Management owned approximately 0.06% of Etsy worth $6,596,000 after acquiring an additional 25,620 shares. This substantial increase in holdings demonstrates Achmea Investment Management’s confidence in the specialty retailer.
In August 2023, Etsy released its quarterly earnings results for the previous quarter ending on August 2nd. The company reported earnings per share of $0.83, surpassing the consensus estimate of $0.41 by $0.42. Etsy also achieved revenue of $628.88 million for the quarter, exceeding analysts’ expectations of $621.87 million. However, it is important to note that Etsy had a negative net margin of 26.84% and a negative return on equity of 69.10%. Despite these challenges, sell-side analysts anticipate that Etsy will post strong earnings per share of approximately 2.73 for the current year.
Etsy has garnered attention from several analyst reports recently. BTIG Research lowered their price target on Etsy from $130.00 to $108.00 but maintained a “buy” rating for the company in June 2023 research note issued about the stock.
Similarly, Morgan Stanley also reduced their price target on Etsy from $74.00 to $72.00 and assigned an “equal weight” rating in a research note published on August 3rd.
Loop Capital further decreased their target price from $90.00 to $70.00 but maintained a “hold” rating on September 11th.
Another research note by Wedbush initiated coverage on Etsy with a “neutral” rating and set a $70.00 target price.
Finally, Sanford C. Bernstein downgraded Etsy from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $120.00 to $105.00.
Overall, analysts have given mixed reviews on Etsy’s stock, with two ratings suggesting to sell, ten suggesting to hold, and fourteen suggesting to buy the company’s stock. According to Bloomberg, the average rating for Etsy is currently considered as “Hold,” with a consensus price target of $110.96.
This information provides investors and market participants with valuable insights into Achmea Investment Management B.V.’s increased holdings in Etsy, as well as the earnings performance of this specialty retailer. Such data can assist in making informed investment decisions based on expert analysis and assessments of the company’s potential growth and future prospects.
Strategic Shifts in Hedge Fund Positions and Insider Trading Shake Up Etsy’s Investment Landscape
Intriguing Developments Unfold in Etsy’s Stock Holdings and Insider Trading
October 5, 2023
Etsy, Inc., the renowned specialty retailer, has been making waves lately due to significant changes witnessed among hedge funds and the company’s executive team. Several hedge funds have made strategic adjustments to their positions in Etsy, shedding light on the evolving dynamics within the company’s investment landscape.
One such fund is OLD Mission Capital LLC, which recently acquired a new stake in Etsy during the fourth quarter of last year. The value of this stake was estimated to be around $25,000—a relatively modest amount that nevertheless demonstrates an emerging interest in Etsy’s potential for growth.
Another noteworthy development involves Valley National Advisers Inc., which increased its position in Etsy by a staggering 129.5% during the first quarter of this year. The firm now possesses 257 shares of Etsy’s stock with an approximate value of $26,000—an impressive accumulation that showcases their confidence in the retailer’s future prospects.
Equally intriguing is Spire Wealth Management’s decision to boost its stake in Etsy by a notable 184.1% also during the first quarter. As a result, they now own 233 shares valued at $26,000—an indicator of their conviction in Etsy’s market performance and ability to generate returns.
Meanwhile, ICA Group Wealth Management LLC joined the bandwagon by acquiring a fresh position in Etsy during the fourth quarter. This move demonstrated their belief in Etsy as a sound investment opportunity. The worth of this newly obtained position was estimated to be approximately $28,000.
Last but not least, Quarry LP significantly amplified its stake in Etsy by an impressive 121.7% during the first quarter of this year as well. Currently holding 266 shares valued at $30,000, Quarry LP appears confident that their intensified involvement will yield substantial benefits.
Curiously enough, it was revealed that around 92.98% of Etsy’s stock is owned by institutional investors—a piece of information that further emphasizes the intrigue surrounding the company and its potential allure to these investors.
In a parallel development, Etsy’s CEO, Josh Silverman, made headlines with his recent transaction involving the sale of 10,425 shares on September 27th. The average price per share in this transaction was $62.56, resulting in a total value of $652,188.00. Following this sale, Silverman now holds 14,674 shares of Etsy’s stock worth approximately $918,005.44.
This action had to be disclosed through a legal filing with the SEC—an indication of the stringent regulatory framework governing such transactions. Interested parties can access this information on the SEC website, ensuring transparency and accountability in the stock market.
Additionally, it came to light that Director Marla J. Blow sold 600 shares of Etsy’s stock on August 25th at an average price of $73.11 per share. The total transaction amounted to $43,866.00. Subsequently, Blow currently possesses 3,289 shares valued at around $240,458.79.
Overall, insiders have sold approximately 75,335 shares over the past quarter with a combined value exceeding $6 million—representing roughly 2.60% of the company’s outstanding stock as owned by insiders.
Etsy’s trading patterns have also caught attention recently; on Thursday it opened at $63.74 per share. Over the past year alone, its stock has reached highs around $149.91 and lows near $61.22—a significant variance that adds an element of unpredictability to investors’ decisions.
The fifty-day moving average price for Etsy stands at $73.61 while its two-hundred-day moving average price is recorded at $87.66—a reflection of shifting market dynamics and their impact on investor sentiments.
As each development unfolds, it becomes increasingly clear that Etsy is a company worthy of close observation. With hedge funds tactically adjusting their positions and key figures within the organization engaging in significant stock transactions, there appears to be ample room for further speculation regarding the future trajectory of Etsy’s market performance.
Disclaimer: The information contained in this article should not be considered as investment advice. Please conduct thorough research or consult with a financial advisor before making any investment decisions.