Etsy Inc. (NASDAQ:ETSY) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Monday.
According to Zacks, “Etsy, Inc. offers e-commerce services. It provides online and offline marketplaces to buy and sell goods. The company’s product include art, home and living, mobile accessories, jewelry, wedding, and others. It operates primarily in Berlin, Germany, Dublin, Ireland, Hudson, New York, London, United Kingdom, Melbourne, Australia, Paris, France, San Francisco, California and Toronto, Canada. Etsy, Inc. is headquartered in Brooklyn, New York. “
Several other equities research analysts also recently weighed in on the stock. Citigroup Inc. started coverage on shares of Etsy in a research note on Monday, August 1st. They set a “buy” rating and a $14.00 target price on the stock. Goldman Sachs Group Inc. upped their target price on shares of Etsy from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Monness Crespi & Hardt raised shares of Etsy from a “neutral” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Wednesday, September 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $13.50 target price (up from $11.50) on shares of Etsy in a research note on Monday, September 12th. Finally, Wedbush reissued a “neutral” rating and issued a $15.00 price objective (up from $13.00) on shares of Etsy in a research report on Thursday, October 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $14.73.
Etsy (NASDAQ:ETSY) opened at 14.39 on Monday. Etsy has a 1-year low of $6.04 and a 1-year high of $16.05. The stock’s 50 day moving average is $14.41 and its 200-day moving average is $11.17. The company’s market capitalization is $1.60 billion.
Etsy (NASDAQ:ETSY) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.05. Etsy had a negative return on equity of 3.08% and a negative net margin of 5.37%. The business had revenue of $85.35 million for the quarter, compared to analysts’ expectations of $80.55 million. During the same period in the previous year, the company earned ($0.07) earnings per share. Etsy’s quarterly revenue was up 38.9% on a year-over-year basis. On average, analysts expect that Etsy will post ($0.06) earnings per share for the current fiscal year.
In related news, CEO Chad Dickerson sold 105,289 shares of the stock in a transaction on Monday, October 10th. The shares were sold at an average price of $16.00, for a total transaction of $1,684,624.00. Following the completion of the sale, the chief executive officer now owns 857,645 shares in the company, valued at approximately $13,722,320. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Allspaw sold 63,468 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $12.50, for a total transaction of $793,350.00. Following the sale, the insider now owns 66,864 shares of the company’s stock, valued at approximately $835,800. The disclosure for this sale can be found here. 11.10% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Morgens Waterfall Vintiadis & Co. Inc. acquired a new stake in shares of Etsy during the third quarter worth $2,356,000. Fox Run Management L.L.C. acquired a new stake in shares of Etsy during the third quarter worth $177,000. BNP Paribas Arbitrage SA boosted its stake in shares of Etsy by 107.6% in the third quarter. BNP Paribas Arbitrage SA now owns 8,598 shares of the company’s stock worth $123,000 after buying an additional 4,456 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Etsy by 216.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,806 shares of the company’s stock worth $1,782,000 after buying an additional 126,998 shares in the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Etsy during the second quarter worth $161,000. Hedge funds and other institutional investors own 58.14% of the company’s stock.
Etsy Company Profile
Etsy, Inc (Etsy) operates a marketplace to connect people around the both online and offline for making, selling and buying goods. The Company’s geographical segments include United States and International. The Company’s community includes Etsy sellers, Etsy buyers, wholesale partners, manufacturers and Etsy employees.
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