Etsy, Inc. (NASDAQ:ETSY) Short Interest Up 9.8% in November

Etsy, Inc. (NASDAQ:ETSY) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 19,420,000 shares, an increase of 9.8% from the October 31st total of 17,690,000 shares. Based on an average daily volume of 4,220,000 shares, the days-to-cover ratio is currently 4.6 days. Approximately 17.4% of the shares of the company are short sold.

Insider Buying and Selling at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,069 shares of company stock valued at $261,888. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

Several institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its holdings in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after acquiring an additional 721,454 shares in the last quarter. 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 acquiring an additional 734,200 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Etsy by 76.2% in the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after acquiring an additional 517,480 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Stock Performance

Etsy stock opened at $57.23 on Wednesday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The firm has a 50 day moving average price of $52.10 and a 200 day moving average price of $56.19. The company has a market capitalization of $6.44 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 6.55 and a beta of 1.99.

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

Etsy announced that its board has authorized a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ETSY shares. Barclays dropped their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wedbush dropped their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Piper Sandler restated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Raymond James dropped their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.71.

Etsy Company Profile

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.