Etsy (NASDAQ:ETSY) Trading Down 5.4% - Here's What Happened

Etsy, Inc. (NASDAQ:ETSY - Get Free Report)'s stock price fell 5.4% during trading on Wednesday . The stock traded as low as $44.48 and last traded at $44.32. 3,795,694 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 3,650,790 shares. The stock had previously closed at $46.87.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ETSY. Citigroup dropped their price objective 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. Truist Financial dropped their price objective on shares of Etsy from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Jefferies Financial Group raised shares of Etsy from an "underperform" rating to a "hold" rating and increased their price objective for the company from $45.00 to $55.00 in a research note on Monday, January 13th. Cantor Fitzgerald decreased their price target on shares of Etsy from $46.00 to $43.00 and set a "neutral" rating for the company in a research report on Thursday, February 20th. Finally, Morgan Stanley decreased their price target on shares of Etsy from $45.00 to $44.00 and set an "underweight" rating for the company in a research report on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Etsy currently has an average rating of "Hold" and an average target price of $58.78.

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Etsy Price Performance

The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 2.57 and a beta of 2.23. The business's fifty day simple moving average is $52.45 and its 200 day simple moving average is $53.23.

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

Insider Buying and Selling at Etsy

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now directly owns 5,004 shares of the company's stock, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were 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. Over the last three months, insiders have sold 24,666 shares of company stock valued at $1,286,445. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ETSY. Pacer Advisors Inc. lifted its position in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer's stock valued at $331,067,000 after purchasing an additional 3,861,668 shares in the last quarter. Norges Bank bought a new position in shares of Etsy during the fourth quarter valued at about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Etsy during the third quarter valued at about $55,530,000. Holocene Advisors LP bought a new position in shares of Etsy during the third quarter valued at about $49,061,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of 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 valued at $78,827,000 after purchasing an additional 850,520 shares in the last quarter. 99.53% of the stock is owned by 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.