Loop Capital Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target cut by research analysts at Loop Capital from $45.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the specialty retailer’s stock. Loop Capital’s price objective would indicate a potential downside of 21.97% from the stock’s previous close.

ETSY has been the topic of a number of other research reports. Raymond James cut their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft lowered Etsy to a “hold” rating and cut their target price for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Canaccord Genuity Group decreased their price target on Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and raised their price objective for the company from $45.00 to $55.00 in a research note on Monday, January 13th. Finally, Truist Financial decreased their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $60.08.

Etsy Trading Down 0.3 %

ETSY opened at $51.26 on Thursday. Etsy has a 1 year low of $47.10 and a 1 year high of $74.82. The stock has a fifty day moving average price of $54.43 and a 200 day moving average price of $53.78. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 2.55 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The business had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter in the previous year, the business posted $0.62 EPS. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Etsy will post 2.6 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the sale, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors have recently added to or reduced their stakes in ETSY. Blue Trust Inc. lifted its position in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares during the period. Lindbrook Capital LLC raised its stake 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 in the last quarter. True Wealth Design LLC lifted its holdings 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 acquiring an additional 292 shares during the period. Hurley Capital LLC acquired a new stake in shares of Etsy in the 4th quarter valued at $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Etsy in the 4th quarter worth about $34,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.