Etsy (NASDAQ:ETSY) Stock Price Down 6.5% After Insider Selling

Etsy, Inc. (NASDAQ:ETSY)’s stock price was down 6.5% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $47.19 and last traded at $46.74. Approximately 1,405,340 shares changed hands during trading, a decline of 60% from the average daily volume of 3,529,790 shares. The stock had previously closed at $50.00.

Specifically, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $50.48, for a total value of $75,720.00. Following the completion of the transaction, the insider now owns 20,698 shares in the company, valued at approximately $1,044,835.04. This represents a 6.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

Several analysts have weighed in on the company. UBS Group cut their target price on Etsy from $55.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Citigroup lowered their target price on shares of Etsy from $56.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Canaccord Genuity Group reduced their price target on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald lowered their price objective on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Etsy in a research report on Thursday, February 20th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $58.78.

Etsy Stock Down 6.5 %

The firm has a market capitalization of $5.00 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00. The business’s 50-day moving average price is $53.53 and its 200-day moving average price is $53.67.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. During the same quarter last year, the business posted $0.62 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ETSY. Brooklyn FI LLC bought a new stake in shares of Etsy in the 4th quarter valued at approximately $5,229,000. Neo Ivy Capital Management bought a new position in shares of Etsy during the 4th quarter valued at $3,334,000. GTS Securities LLC lifted its stake in shares of Etsy by 142.3% in the 4th quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer’s stock valued at $776,000 after purchasing an additional 49,333 shares during the last quarter. PharVision Advisers LLC bought a new stake in Etsy in the fourth quarter worth $283,000. Finally, Voloridge Investment Management LLC increased its position in Etsy by 40.6% during the fourth quarter. Voloridge Investment Management LLC now owns 476,457 shares of the specialty retailer’s stock worth $25,200,000 after buying an additional 137,602 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.