Etsy (NASDAQ:ETSY) Hits New 52-Week Low - Here's Why

Etsy, Inc. (NASDAQ:ETSY - Get Free Report)'s share price hit a new 52-week low on Thursday . The company traded as low as $43.75 and last traded at $44.07, with a volume of 617563 shares traded. The stock had previously closed at $44.93.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ETSY shares. Stifel Nicolaus decreased their price objective on shares of Etsy from $56.00 to $51.00 and set a "hold" rating for the company in a research report on Thursday, February 20th. Citigroup cut their target price on shares of Etsy from $56.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, February 20th. Wells Fargo & Company boosted their target price on shares of Etsy from $44.00 to $47.00 and gave the stock an "underweight" rating in a research note on Thursday, February 20th. Canaccord Genuity Group cut their target price on shares of Etsy from $105.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Etsy to a "hold" rating and cut their target price for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Etsy presently has an average rating of "Hold" and a consensus price target of $58.78.

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Etsy Trading Up 2.8 %

The stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 2.57 and a beta of 2.23. The firm's fifty day moving average price is $52.62 and its 200 day moving average price is $53.31.

Etsy (NASDAQ:ETSY - Get Free Report) last released its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. On average, analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares of the company's stock, valued at approximately $260,458.20. This represents a 81.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $50.48, for a total transaction of $75,720.00. Following the completion of the sale, the insider now directly owns 20,698 shares in the company, valued at approximately $1,044,835.04. This represents a 6.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,666 shares of company stock worth $1,286,445 in the last ninety days. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ETSY. Assetmark Inc. grew its position in Etsy by 9.0% during the 3rd quarter. Assetmark Inc. now owns 24,411 shares of the specialty retailer's stock worth $1,356,000 after purchasing an additional 2,025 shares during the last quarter. Apollon Wealth Management LLC purchased a new position in Etsy during the 3rd quarter worth $225,000. Victory Capital Management Inc. grew its position in Etsy by 422.1% during the 3rd quarter. Victory Capital Management Inc. now owns 101,099 shares of the specialty retailer's stock worth $5,614,000 after purchasing an additional 81,734 shares during the last quarter. Mizuho Markets Americas LLC purchased a new position in Etsy during the 3rd quarter worth $20,546,000. Finally, Mutual of America Capital Management LLC grew its position in Etsy by 17.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 17,259 shares of the specialty retailer's stock worth $958,000 after purchasing an additional 2,502 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.