Bank of America Cuts Etsy (NASDAQ:ETSY) Price Target to $50.00

Etsy (NASDAQ:ETSY) had its price target cut by Bank of America from $55.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Bank of America‘s price target would suggest a potential upside of 18.43% from the stock’s previous close.

A number of other equities analysts have also recently commented on ETSY. 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. Canaccord Genuity Group lowered their price target on Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft lowered shares of Etsy to a “hold” rating and lowered their target price for the stock from $45.00 to $43.00 in a report on Wednesday, February 12th. Loop Capital cut their price target on shares of Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a report on Thursday, February 20th. Finally, Stifel Nicolaus decreased their price objective on shares of Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research note on Thursday, February 20th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $58.04.

Etsy Price Performance

Shares of NASDAQ:ETSY traded down $1.42 during mid-day trading on Tuesday, reaching $42.22. 942,095 shares of the company traded hands, compared to its average volume of 3,757,122. Etsy has a 52 week low of $41.48 and a 52 week high of $71.72. The firm has a market cap of $4.52 billion, a PE ratio of 17.82, a PEG ratio of 2.57 and a beta of 2.15. The company’s 50 day moving average price is $50.25 and its 200-day moving average price is $52.35.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter last year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, research analysts predict that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Transactions at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total transaction of $81,118.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Monday, February 24th. The stock was sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the sale, the chief executive officer now owns 5,004 shares of the company’s stock, valued at $260,458.20. The trade was a 81.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,952 shares of company stock valued at $2,554,620 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. GAMMA Investing LLC raised its stake in shares of Etsy by 6,477.2% in the first quarter. GAMMA Investing LLC now owns 90,963 shares of the specialty retailer’s stock worth $4,292,000 after purchasing an additional 89,580 shares during the last quarter. Versant Capital Management Inc lifted its stake in Etsy by 1,066.3% during the 1st quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer’s stock valued at $454,000 after acquiring an additional 8,797 shares during the period. Kera Capital Partners Inc. purchased a new stake in shares of Etsy in the 1st quarter valued at $231,000. 111 Capital acquired a new stake in shares of Etsy in the fourth quarter worth $310,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Etsy by 125.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the specialty retailer’s stock worth $923,000 after purchasing an additional 9,718 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.