Etsy’s price target was raised to $50 by Deutsche Bank, according to a recent research report. The specialty retailer’s stock had its target price increased from $48.00 to $50.00. Other equities analysts have also weighed in on the stock. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $70.00 to $45.00. Piper Sandler restated a “neutral” rating and set a $56.00 price objective on shares of Etsy. Truist Financial decreased their target price on Etsy from $76.00 to $70.00 and Evercore ISI upgraded Etsy to a “strong-buy” rating. Citigroup also decreased their price objective on Etsy from $65.00 to $54.00.
Etsy stock traded up $1.33 during mid-day trading on Friday, reaching $52.77. The stock had a trading volume of 5,216,869 shares. The firm’s 50-day moving average is $52.60 and its 200-day moving average is $58.15. Etsy has a one-year low of $47.10 and a one-year high of $89.58. The company has a market capitalization of $6.06 billion, a P/E ratio of 26.92, a P/E/G ratio of 5.39, and a beta of 1.97.
Etsy last issued its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 47.52%. The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. During the same period last year, the business posted $0.64 EPS. Equities research analysts forecast that Etsy will post 2.37 earnings per share for the current year.
In other news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This represents a 0.00% decrease in their position. Over the last three months, insiders have sold 4,619 shares of company stock valued at $240,825. 2.60% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in Etsy. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock valued at $929,695,000 after buying an additional 91,900 shares during the last quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the last quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after purchasing an additional 721,453 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.
Etsy, Inc. operates two-sided online marketplaces that connect buyers and sellers in various countries. Its primary marketplace is Etsy.com, which connects artisans and entrepreneurs with 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.
In conclusion, Etsy’s price target has been raised to $50 by Deutsche Bank, indicating positive momentum for the specialty retailer’s stock. With various analysts weighing in on the stock and insider transactions taking place, investors should carefully consider their options before making any investment decisions.
