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

Shares of Etsy, Inc. (NASDAQ:ETSY - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $41.48 and last traded at $42.34, with a volume of 254246 shares. The stock had previously closed at $44.42.

Analyst Ratings Changes

A number of analysts have recently weighed in on ETSY shares. JPMorgan Chase & Co. lowered their price objective on Etsy from $50.00 to $42.00 and set a "neutral" rating for the company in a research report on Tuesday. UBS Group dropped their price target on Etsy from $54.00 to $46.00 and set a "neutral" rating on the stock in a research note on Friday. Bank of America decreased their price objective on shares of Etsy from $55.00 to $50.00 and set a "neutral" rating for the company in a research report on Tuesday. Deutsche Bank Aktiengesellschaft cut shares of Etsy to a "hold" rating and decreased their price target for the stock from $45.00 to $43.00 in a report on Wednesday, February 12th. Finally, Citigroup reduced their price objective on Etsy from $56.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $56.71.

Etsy Stock Up 0.0 %

The stock's 50-day simple moving average is $48.78 and its two-hundred day simple moving average is $51.89. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 2.57 and a beta of 2.15.

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

Insider Activity

In related news, insider Toni Thompson Nadal sold 1,444 shares of the company's stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.30, for a total transaction of $69,745.20. Following the completion of the sale, the insider now owns 592 shares of the company's stock, valued at approximately $28,593.60. This represents a 70.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,952 shares of company stock worth $2,554,620 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Etsy by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer's stock worth $651,056,000 after buying an additional 56,772 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Etsy by 4.5% during the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer's stock valued at $286,751,000 after acquiring an additional 235,550 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Etsy by 17.4% in the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer's stock valued at $186,583,000 after purchasing an additional 522,111 shares during the period. DAVENPORT & Co LLC increased its position in Etsy by 12.1% during the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer's stock worth $92,452,000 after purchasing an additional 188,386 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer's stock worth $78,827,000 after purchasing an additional 850,520 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.