Etsy, Inc. (NASDAQ:ETSY) Short Interest Up 9.8% in November

Etsy, Inc. (NASDAQ:ETSY) was the target of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 19,420,000 shares, an increase of 9.8% from the October 31st total of 17,690,000 shares. Based on an average daily volume of 4,220,000 shares, the days-to-cover ratio is currently 4.6 days. Currently, 17.4% of the shares of the stock are short sold.

Etsy Price Performance

Shares of Etsy stock opened at $57.23 on Wednesday. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58. The firm’s 50-day moving average is $52.10 and its two-hundred day moving average is $56.19. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 6.55 and a beta of 1.99.

Etsy (NASDAQ: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 negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. During the same quarter in the previous year, the company earned $0.64 earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis. On average, equities analysts expect that Etsy will post 2.25 earnings per share for the current year.

Etsy declared that its Board of Directors has authorized a stock buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on ETSY shares. Piper Sandler reissued a “neutral” rating and issued a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Etsy in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Citigroup lowered their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Finally, Truist Financial lowered their target price on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus price target of $64.71.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the transaction, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was 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. Insiders sold a total of 5,069 shares of company stock worth $261,888 over the last three months. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in shares of 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 buying an additional 231 shares during the last quarter. Meridian Management Co. increased its position in shares of Etsy by 0.4% in the 2nd quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock valued at $3,740,000 after acquiring an additional 241 shares during the period. GAMMA Investing LLC increased its position 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 valued at $73,000 after acquiring an additional 253 shares during the period. UMB Bank n.a. increased its position in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 292 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in shares of Etsy by 3.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock valued at $526,000 after acquiring an additional 316 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.