BlueCrest Capital Management Ltd Takes $222,000 Position in Etsy, Inc. (NASDAQ:ETSY)

BlueCrest Capital Management Ltd bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) in the third quarter, HoldingsChannel reports. The fund bought 4,000 shares of the specialty retailer’s stock, valued at approximately $222,000.

Several other large investors have also recently bought and sold shares of the business. Pacer Advisors Inc. increased its holdings in shares of 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 acquiring an additional 3,861,668 shares during the last quarter. Marshall Wace LLP increased its stake in Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after purchasing an additional 1,055,296 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Etsy during the third quarter worth approximately $55,530,000. Renaissance Technologies LLC lifted its position in shares of Etsy by 21.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Etsy by 14.3% in 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 buying an additional 721,454 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

Etsy stock opened at $54.86 on Friday. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58. The firm has a 50 day moving average price of $52.03 and a 200 day moving average price of $56.46. The company has a market cap of $6.17 billion, a price-to-earnings ratio of 27.99, a PEG ratio of 6.41 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 earnings per share. Sell-side analysts predict that Etsy, Inc. 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 repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related 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 transaction of $73,751.73. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction 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. Insiders sold 5,819 shares of company stock worth $303,438 over the last three months. 2.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and cut their price target for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Loop Capital reduced their target price on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a report on Monday, August 12th. Barclays dropped their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Bank of America reduced their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Etsy has an average rating of “Hold” and an average 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.