Van ECK Associates Corp Sells 2,758,433 Shares of Etsy, Inc. (NASDAQ:ETSY)

Van ECK Associates Corp decreased its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 47.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,005,631 shares of the specialty retailer's stock after selling 2,758,433 shares during the period. Van ECK Associates Corp owned about 2.57% of Etsy worth $166,903,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock valued at $26,000 after buying an additional 231 shares during the period. UMB Bank n.a. boosted its position in Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock worth $31,000 after purchasing an additional 292 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Etsy by 1,576.5% during the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer's stock valued at $39,000 after purchasing an additional 536 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in shares of Etsy during the 2nd quarter valued at about $42,000. Finally, Headlands Technologies LLC bought a new position in shares of Etsy in the 1st quarter worth approximately $59,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares of the company's stock, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Etsy news, insider Nicholas Daniel sold 750 shares of the business's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,619 shares of company stock worth $240,825. 2.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Raymond James cut their target price on shares of Etsy from $72.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, October 23rd. Truist Financial reduced their price objective on Etsy from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday. Evercore ISI upgraded Etsy to a "strong-buy" rating in a research report on Thursday, August 1st. UBS Group reduced their price target on Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, October 15th. Finally, Stifel Nicolaus lowered their price objective on Etsy from $64.00 to $56.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $64.87.

Etsy Stock Performance

NASDAQ:ETSY traded up $1.33 during trading hours on Friday, reaching $52.77. The stock had a trading volume of 5,217,180 shares, compared to its average volume of 3,553,331. The stock has a market capitalization of $6.06 billion, a PE ratio of 26.92, a PEG ratio of 5.94 and a beta of 1.99. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The company has a 50 day moving average price of $52.60 and a two-hundred day moving average price of $58.08.

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 negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. During the same quarter in the prior year, the firm posted $0.64 EPS. The company's revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts predict that Etsy, Inc. will post 2.3 EPS for the current year.

Etsy declared that its board has approved a share repurchase plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

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.