Etsy (NASDAQ:ETSY) Trading 4.4% Higher on Analyst Upgrade

Shares of Etsy, Inc. (NASDAQ:ETSY) shot up 4.4% on Tuesday after Truist Financial raised their price target on the stock from $55.00 to $60.00. Truist Financial currently has a buy rating on the stock. Etsy traded as high as $56.21 and last traded at $56.25. 2,701,135 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 4,183,405 shares. The stock had previously closed at $53.89.

A number of other brokerages also recently weighed in on ETSY. Arete downgraded Etsy from a “neutral” rating to a “sell” rating and set a $43.00 target price for the company. in a report on Wednesday, June 11th. Wells Fargo & Company reduced their price objective on Etsy from $46.00 to $40.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. Barclays reduced their price objective on Etsy from $55.00 to $53.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 30th. The Goldman Sachs Group reduced their price objective on Etsy from $35.00 to $31.00 and set a “sell” rating for the company in a research note on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft set a $40.00 price objective on Etsy and gave the company a “hold” rating in a research note on Monday, April 14th. Six equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $49.87.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $43.07, for a total transaction of $64,605.00. Following the sale, the insider now directly owns 33,322 shares in the company, valued at approximately $1,435,178.54. This trade represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $48.23, for a total value of $1,044,951.18. Following the sale, the chief executive officer now owns 31,818 shares in the company, valued at $1,534,582.14. This trade represents a 40.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 205,418 shares of company stock valued at $11,234,192 over the last 90 days. Insiders own 2.80% of the company’s stock.

Institutional Trading of Etsy

A number of hedge funds have recently bought and sold shares of ETSY. Lindbrook Capital LLC lifted its holdings in Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 181 shares during the period. True Wealth Design LLC lifted its holdings in Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after acquiring an additional 292 shares during the period. Hurley Capital LLC bought a new stake in shares of Etsy in the fourth quarter valued at $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Etsy in the fourth quarter valued at $34,000. Finally, Allworth Financial LP raised its stake in shares of Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock valued at $35,000 after buying an additional 248 shares during the period. 99.53% of the stock is currently owned by institutional investors.

Etsy Price Performance

The stock has a market capitalization of $5.77 billion, a P/E ratio of 39.50, a price-to-earnings-growth ratio of 3.01 and a beta of 1.80. The company has a 50 day simple moving average of $49.74 and a 200-day simple moving average of $51.27.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). The firm had revenue of $651.18 million during the quarter, compared to the consensus estimate of $642.22 million. Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. As a group, equities analysts forecast that Etsy, Inc. will post 2.57 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.