Oppenheimer Downgrades Etsy (NASDAQ:ETSY) to Market Perform

Oppenheimer cut shares of Etsy (NASDAQ:ETSY) from an outperform rating to a market perform rating in a report published on Thursday morning, Marketbeat Ratings reports.

A number of other analysts have also recently weighed in on ETSY. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Etsy from $80.00 to $65.00 and set a hold rating on the stock in a report on Wednesday, April 10th. Canaccord Genuity Group cut their price target on shares of Etsy from $125.00 to $105.00 and set a buy rating on the stock in a report on Thursday, May 2nd. JMP Securities lowered Etsy from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Wolfe Research initiated coverage on Etsy in a research note on Tuesday, July 16th. They set a peer perform rating on the stock. Finally, B. Riley decreased their price target on Etsy from $91.00 to $83.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $73.91.

Etsy Stock Performance

NASDAQ ETSY opened at $59.35 on Thursday. The company has a market cap of $6.94 billion, a PE ratio of 27.10, a P/E/G ratio of 5.02 and a beta of 2.02. Etsy has a 52-week low of $55.08 and a 52-week high of $89.78. The firm’s 50 day moving average price is $61.06 and its 200-day moving average price is $65.95.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The company’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.83 earnings per share. On average, analysts forecast that Etsy will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Etsy news, insider Toni Thompson Nadal sold 1,444 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $65.68, for a total value of $94,841.92. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $38,882.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ETSY. National Bank of Canada FI increased its stake in shares of Etsy by 19.0% in the 2nd quarter. National Bank of Canada FI now owns 32,266 shares of the specialty retailer’s stock valued at $1,839,000 after purchasing an additional 5,146 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Etsy by 451.1% in the second quarter. Larson Financial Group LLC now owns 3,141 shares of the specialty retailer’s stock valued at $185,000 after buying an additional 2,571 shares in the last quarter. Fiera Capital Corp raised its stake in shares of Etsy by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 698,417 shares of the specialty retailer’s stock worth $41,193,000 after buying an additional 7,038 shares during the period. Van ECK Associates Corp lifted its position in shares of Etsy by 14.3% during the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after buying an additional 721,454 shares in the last quarter. Finally, Banque Cantonale Vaudoise grew its stake in Etsy by 2,736.8% in the 2nd quarter. Banque Cantonale Vaudoise now owns 4,851 shares of the specialty retailer’s stock valued at $286,000 after acquiring an additional 4,680 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.