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Y Intercept Hong Kong Ltd Buys Shares of 78,798 Etsy, Inc. (NASDAQ:ETSY)

Etsy logo with Retail/Wholesale background

Y Intercept Hong Kong Ltd acquired a new position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 78,798 shares of the specialty retailer's stock, valued at approximately $4,376,000. Y Intercept Hong Kong Ltd owned about 0.07% of Etsy at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock valued at $26,000 after purchasing an additional 231 shares during the period. UMB Bank n.a. grew its stake in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock worth $31,000 after acquiring an additional 292 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in Etsy in the 2nd quarter worth about $42,000. Capital Performance Advisors LLP bought a new stake in Etsy in the 3rd quarter valued at about $43,000. Finally, Prospera Private Wealth LLC purchased a new stake in Etsy during the third quarter valued at about $59,000. Institutional investors own 99.53% of the company's stock.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the completion of the transaction, the insider now owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders sold 5,069 shares of company stock worth $261,888 in the last three months. 2.60% of the stock is owned by company insiders.

Etsy Price Performance

Shares of NASDAQ:ETSY traded up $1.45 during trading on Monday, hitting $58.75. The company's stock had a trading volume of 3,373,948 shares, compared to its average volume of 3,738,209. The firm has a market cap of $6.61 billion, a price-to-earnings ratio of 29.97, a P/E/G ratio of 6.76 and a beta of 1.99. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $89.58. The company has a 50-day moving average of $52.29 and a 200-day moving average of $56.03.

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 analysts' consensus estimates 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 prior year, the business earned $0.64 earnings per share. As a group, research analysts anticipate that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ETSY. Truist Financial lowered their price target on shares of Etsy from $76.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Loop Capital dropped their target price on Etsy from $50.00 to $45.00 and set a "sell" rating on the stock in a research report on Monday, August 12th. Piper Sandler reiterated a "neutral" rating and set a $56.00 price objective on shares of Etsy in a research note on Friday, August 23rd. Raymond James cut their target price on Etsy from $72.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, October 23rd. Finally, UBS Group reduced their price objective on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research note on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $64.71.

Check Out Our Latest Stock Report on ETSY

About Etsy

(Free Report)

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.

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Institutional Ownership by Quarter for Etsy (NASDAQ:ETSY)

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