Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Etsy (NASDAQ:ETSY) had its price objective hoisted by investment analysts at Wells Fargo & Company from $44.00 to $47.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 8.31% from the stock’s current price.

A number of other research firms also recently commented on ETSY. Bank of America cut their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Truist Financial cut their price target on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. JMP Securities restated a “market perform” rating on shares of Etsy in a report on Monday, December 16th. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and raised their price target for the stock from $45.00 to $55.00 in a report on Monday, January 13th. Finally, Morgan Stanley cut their price target on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Etsy currently has a consensus rating of “Hold” and a consensus target price of $60.08.

Etsy Trading Down 0.3 %

ETSY stock opened at $51.26 on Thursday. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 2.55 and a beta of 2.00. Etsy has a 12 month low of $47.10 and a 12 month high of $74.82. The firm has a 50-day moving average of $54.43 and a two-hundred day moving average of $53.78.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. As a group, equities analysts forecast that Etsy will post 2.6 earnings per share for the current year.

Etsy declared that its Board of Directors has approved a stock buyback plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management purchased a new stake in Etsy in the fourth quarter valued at $3,334,000. GTS Securities LLC increased its stake in Etsy by 142.3% in the fourth 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 period. PharVision Advisers LLC acquired a new position in Etsy in the fourth quarter valued at $283,000. Voloridge Investment Management LLC increased its stake in Etsy by 40.6% in the fourth quarter. Voloridge Investment Management LLC now owns 476,457 shares of the specialty retailer’s stock valued at $25,200,000 after purchasing an additional 137,602 shares during the period. Finally, iSAM Funds UK Ltd acquired a new position in Etsy in the fourth quarter valued at $288,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.