Etsy (NASDAQ:ETSY) Shares Down 5.2% After Insider Selling

Etsy, Inc. (NASDAQ:ETSY) dropped 5.2% during trading on Monday following insider selling activity. The stock traded as low as $62.26 and last traded at $61.59. Approximately 1,389,915 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 4,965,706 shares. The stock had previously closed at $64.99.

Specifically, CEO Josh Silverman sold 70,000 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $65.00, for a total transaction of $4,550,000.00. Following the completion of the transaction, the chief executive officer owned 62,674 shares in the company, valued at $4,073,810. This represents a 52.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

ETSY has been the subject of a number of recent analyst reports. Truist Financial upped their target price on Etsy from $70.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Cantor Fitzgerald upped their target price on Etsy from $52.00 to $64.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Stifel Nicolaus upped their target price on Etsy from $45.00 to $66.00 and gave the company a “hold” rating in a report on Tuesday, July 29th. Wells Fargo & Company increased their price objective on Etsy from $41.00 to $57.00 and gave the stock an “underweight” rating in a report on Thursday, July 31st. Finally, Arete Research upgraded Etsy from a “strong sell” rating to a “hold” rating in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $57.80.

Etsy Price Performance

The firm has a market capitalization of $6.21 billion, a PE ratio of 50.51, a PEG ratio of 3.93 and a beta of 1.77. The firm has a 50-day simple moving average of $59.85 and a 200-day simple moving average of $53.12.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.29). The firm had revenue of $672.66 million during the quarter, compared to analysts’ expectations of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. Equities analysts expect that Etsy, Inc. will post 2.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ETSY. Heritage Wealth Advisors boosted its position in Etsy by 476.5% in the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after purchasing an additional 405 shares during the last quarter. Signaturefd LLC boosted its position in Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 192 shares during the last quarter. Allworth Financial LP boosted its position in Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 248 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Etsy in the second quarter worth about $35,000. Finally, SVB Wealth LLC purchased a new position in Etsy in the first quarter worth about $36,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.