Wells Fargo & Company Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target reduced by analysts at Wells Fargo & Company from $47.00 to $44.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 16.48% from the stock’s previous close.

Several other brokerages also recently commented on ETSY. Citigroup reduced their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Etsy in a report on Thursday. Truist Financial reduced their target price on shares of Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday. Barclays lowered their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Oppenheimer downgraded shares of Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, twelve 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 MarketBeat.com, the company has an average rating of “Hold” and an average target price of $64.87.

Etsy Stock Performance

NASDAQ:ETSY traded up $1.24 during mid-day trading on Friday, hitting $52.68. The stock had a trading volume of 3,052,238 shares, compared to its average volume of 3,759,029. The company’s 50 day simple moving average is $52.70 and its 200 day simple moving average is $58.30. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 5.39 and a beta of 1.97. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58.

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 analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts forecast that Etsy will post 2.37 earnings per share for the current year.

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

Insider Activity at Etsy

In other Etsy news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was 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. Insiders sold a total of 4,619 shares of company stock worth $240,825 in the last quarter. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

A number of institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Etsy during the 3rd quarter valued at about $43,000. Olympiad Research LP bought a new position in shares of Etsy during the 3rd quarter worth approximately $364,000. Principal Financial Group Inc. grew its position in shares of Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after buying an additional 411,165 shares during the period. Amalgamated Bank increased its stake in shares of Etsy by 9.9% in the 3rd quarter. Amalgamated Bank now owns 37,176 shares of the specialty retailer’s stock valued at $2,064,000 after acquiring an additional 3,351 shares in the last quarter. Finally, United Advisor Group LLC bought a new position in Etsy during the third quarter worth $220,000. Institutional investors own 99.53% of the company’s stock.

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.