Bridgewater Associates LP Grows Stock Position in Etsy, Inc. (NASDAQ:ETSY)

Bridgewater Associates LP boosted its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 136.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 307,395 shares of the specialty retailer’s stock after acquiring an additional 177,216 shares during the quarter. Bridgewater Associates LP owned 0.27% of Etsy worth $17,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pacer Advisors Inc. raised its holdings in Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after buying an additional 3,861,668 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Etsy by 304.2% during the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after purchasing an additional 1,055,296 shares during the period. Renaissance Technologies LLC grew its stake in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the last quarter. Van ECK Associates Corp increased its holdings in 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 purchasing an additional 721,454 shares during the period. Finally, AQR Capital Management LLC raised its position in Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock valued at $69,685,000 after purchasing an additional 517,480 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ETSY. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 target price on shares of Etsy in a research note on Monday, October 7th. Bank of America lowered 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. Moffett Nathanson upped their target price on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday. Citigroup lowered their target price on Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Finally, Truist Financial lowered their price objective on Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $64.71.

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the transaction, the insider now owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This trade represents a 3.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,819 shares of company stock worth $303,438. 2.60% of the stock is currently owned by insiders.

Etsy Stock Down 0.9 %

ETSY opened at $54.31 on Thursday. The company has a market capitalization of $6.11 billion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 6.57 and a beta of 1.99. The firm has a 50-day simple moving average of $52.01 and a two-hundred day simple moving average of $56.49. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. During the same period in the previous year, the company posted $0.64 earnings per share. Etsy’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, sell-side analysts expect that Etsy, Inc. will post 2.25 earnings per share for the current year.

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

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.