Etsy (NASDAQ:ETSY) Reaches New 12-Month Low Following Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY)’s share price hit a new 52-week low during trading on Thursday after Wedbush lowered their price target on the stock from $70.00 to $65.00. Wedbush currently has a neutral rating on the stock. Etsy traded as low as $56.60 and last traded at $58.00, with a volume of 4434449 shares trading hands. The stock had previously closed at $69.74.

Several other equities analysts have also issued reports on ETSY. Morgan Stanley reissued an “underweight” rating and issued a $55.00 price target (down previously from $65.00) on shares of Etsy in a report on Thursday, April 18th. Oppenheimer decreased their price target on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Monday. Evercore ISI decreased their price target on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. UBS Group decreased their price target 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. Finally, Wells Fargo & Company decreased their price target on shares of Etsy from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Thursday. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and an average price target of $81.67.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the sale, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the sale, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The disclosure for this sale can be found here. Insiders have sold 66,968 shares of company stock valued at $4,836,827 in the last three months. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Institutional investors and hedge funds have recently modified their holdings of the company. Tokio Marine Asset Management Co. Ltd. raised its holdings in Etsy by 10.3% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,555 shares of the specialty retailer’s stock valued at $313,000 after acquiring an additional 424 shares during the period. Janney Montgomery Scott LLC raised its holdings in Etsy by 26.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,078 shares of the specialty retailer’s stock valued at $761,000 after acquiring an additional 2,299 shares during the period. Van ECK Associates Corp raised its holdings in Etsy by 9.2% in the 1st quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock valued at $346,528,000 after acquiring an additional 425,620 shares during the period. Meritage Portfolio Management bought a new position in Etsy in the 1st quarter valued at about $7,304,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI raised its holdings in Etsy by 3.0% in the 1st quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 37,538 shares of the specialty retailer’s stock valued at $2,580,000 after acquiring an additional 1,097 shares during the period. 99.53% of the stock is owned by institutional investors.

Etsy Stock Performance

The stock has a market capitalization of $6.77 billion, a P/E ratio of 26.00, a PEG ratio of 4.81 and a beta of 2.00. The company’s fifty day simple moving average is $68.28 and its two-hundred day simple moving average is $71.65.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share for the quarter, meeting the consensus estimate of $0.78. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. The firm had revenue of $842.32 million for the quarter, compared to analysts’ expectations of $827.40 million. On average, research analysts predict that Etsy, Inc. will post 2.56 earnings per share for the current fiscal year.

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.