Etsy (NASDAQ:ETSY) Given New $40.00 Price Target at Loop Capital

Etsy (NASDAQ:ETSY) had its price target reduced by Loop Capital from $45.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a sell rating on the specialty retailer’s stock.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald decreased their price target on Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday. Moffett Nathanson raised their price target on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Citigroup raised their price target on Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Stifel Nicolaus decreased their price target on Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Truist Financial decreased their price target on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $60.08.

Etsy Stock Performance

NASDAQ ETSY opened at $51.40 on Thursday. The company has a market capitalization of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. The business’s fifty day moving average is $54.58 and its 200 day moving average is $53.81. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $78.65.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. Etsy’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 earnings per share. On average, sell-side analysts forecast that Etsy will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has authorized a stock buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Etsy

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its stake in Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares during the last quarter. Lindbrook Capital LLC boosted its position in shares of Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 181 shares during the period. True Wealth Design LLC boosted its position in shares of Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 292 shares during the period. Hurley Capital LLC purchased a new position in shares of Etsy during the fourth quarter valued at approximately $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Etsy during the fourth quarter valued at approximately $34,000. 99.53% of the stock is owned by 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.