Worldquant Millennium Advisors LLC Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Worldquant Millennium Advisors LLC bought a new stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 79,086 shares of the specialty retailer's stock, valued at approximately $4,392,000. Worldquant Millennium Advisors LLC owned 0.07% of Etsy as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the business. Pacer Advisors Inc. raised its stake in Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer's stock worth $331,067,000 after buying an additional 3,861,668 shares in the last quarter. Marshall Wace LLP raised its position in shares of Etsy by 304.2% in the 2nd 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. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Etsy during the 3rd quarter worth $55,530,000. Holocene Advisors LP bought a new stake in Etsy during the third quarter valued at about $49,061,000. Finally, Renaissance Technologies LLC boosted its position in Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer's stock valued at $248,623,000 after purchasing an additional 734,200 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the completion of the transaction, the insider now owns 25,121 shares in the company, valued at $1,335,181.15. The trade was a 2.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the 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 $85,660.36. The disclosure for this sale can be found here. Insiders sold a total of 5,069 shares of company stock worth $261,888 in the last three months. Company insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

ETSY has been the subject of several analyst reports. UBS Group decreased their price target on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, October 15th. Stifel Nicolaus lowered their target price on shares of Etsy from $64.00 to $56.00 and set a "hold" rating for the company in a research note on Monday, October 28th. Piper Sandler reaffirmed a "neutral" rating and set a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Wedbush lowered their price objective on Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, October 22nd. Finally, Truist Financial reduced their target price on Etsy from $76.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $64.71.

Etsy Trading Up 0.2 %

Shares of NASDAQ ETSY traded up $0.09 during trading on Friday, reaching $57.30. 2,618,388 shares of the company traded hands, compared to its average volume of 3,321,874. The stock has a market cap of $6.45 billion, a P/E ratio of 29.23, a PEG ratio of 6.97 and a beta of 1.99. The firm's fifty day simple moving average is $52.22 and its 200 day simple moving average is $56.11. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations of $652.47 million. During the same quarter in the prior year, the business posted $0.64 earnings per share. The firm's revenue was up 4.1% compared to the same quarter last year. As a group, research analysts expect that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy declared that its board has initiated a stock buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is 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.