Etsy (NASDAQ:ETSY) Stock Price Down 3.2% - Time to Sell?

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) was down 3.2% during trading on Tuesday . The company traded as low as $54.78 and last traded at $54.80. Approximately 323,045 shares traded hands during trading, a decline of 86% from the average daily volume of 2,378,700 shares. The stock had previously closed at $56.61.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Citigroup dropped their target price on Etsy from $65.00 to $54.00 and set a "neutral" rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company cut their price objective on Etsy from $47.00 to $44.00 and set an "underweight" rating for the company in a report on Friday, November 1st. The Goldman Sachs Group lowered Etsy from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $70.00 to $45.00 in a report on Tuesday, October 15th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Etsy in a report on Thursday, October 31st. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Etsy in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a sell rating, thirteen have given 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, the company has a consensus rating of "Hold" and an average price target of $63.17.

Etsy Trading Down 4.6 %

The firm has a 50-day simple moving average of $54.64 and a two-hundred day simple moving average of $55.17. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy's revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 EPS. On average, sell-side analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the sale, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently made changes to their positions in ETSY. Blue Trust Inc. raised its holdings in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock valued at $26,000 after acquiring an additional 231 shares in the last quarter. UMB Bank n.a. increased its position in shares of Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock valued at $31,000 after purchasing an additional 292 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Etsy in the third quarter valued at $43,000. Versant Capital Management Inc lifted its position in Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer's stock worth $44,000 after purchasing an additional 499 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in Etsy during the third quarter worth $59,000. 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.