Etsy, Inc. (NASDAQ:ETSY) Shares Bought by Quest Partners LLC

Quest Partners LLC increased its position in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 887.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,097 shares of the specialty retailer's stock after acquiring an additional 21,657 shares during the quarter. Quest Partners LLC's holdings in Etsy were worth $1,338,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ETSY. Blue Trust Inc. lifted its position in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock worth $26,000 after buying an additional 231 shares during the last quarter. UMB Bank n.a. raised its holdings in Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock worth $31,000 after purchasing an additional 292 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Etsy during the 2nd quarter valued at approximately $42,000. Capital Performance Advisors LLP purchased a new stake in Etsy in the third quarter worth $43,000. Finally, GAMMA Investing LLC increased its stake in shares of Etsy by 25.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer's stock worth $73,000 after acquiring an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Price Performance

NASDAQ:ETSY traded up $0.45 during midday trading on Wednesday, hitting $50.86. The company's stock had a trading volume of 2,233,302 shares, compared to its average volume of 3,752,617. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The firm's 50 day moving average is $52.05 and its 200-day moving average is $56.83. The firm has a market cap of $5.72 billion, a P/E ratio of 25.72, a P/E/G ratio of 5.86 and a beta of 1.99.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $662.40 million during the quarter, compared to analysts' expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 earnings per share. As a group, analysts forecast that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the sale, the insider now owns 18,083 shares of the company's stock, valued at approximately $1,001,798.20. The trade was a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,369 shares of company stock worth $280,200. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ETSY has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price target on shares of Etsy from $47.00 to $44.00 and set an "underweight" rating on the stock in a research note on Friday, November 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Etsy in a report on Thursday, October 31st. Wedbush cut their price objective on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, October 22nd. The Goldman Sachs Group cut Etsy from a "neutral" rating to a "sell" rating and cut their price target for the company from $70.00 to $45.00 in a report on Tuesday, October 15th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Four research 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $64.87.

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.