Nicholas Daniel Sells 1,500 Shares of Etsy, Inc. (NASDAQ:ETSY) Stock

Etsy, Inc. (NASDAQ:ETSY) insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Etsy Stock Down 1.6 %

Etsy stock traded down $0.85 during midday trading on Tuesday, reaching $53.96. The stock had a trading volume of 2,105,393 shares, compared to its average volume of 2,867,414. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $80.30. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 27.53, a price-to-earnings-growth ratio of 2.69 and a beta of 2.00. The company has a fifty day moving average of $55.19 and a 200 day moving average of $54.38.

Etsy announced that its board has authorized a share buyback program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ETSY has been the subject of a number of recent research reports. 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 research report on Tuesday, October 22nd. Bank of America dropped their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. The Goldman Sachs Group downgraded 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 in a report on Tuesday, October 15th. Moffett Nathanson upped their target price on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Citigroup dropped their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.42.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC bought a new position in Etsy in the 4th quarter worth about $492,000. Impax Asset Management Group plc grew its stake in Etsy by 11.3% in the 4th quarter. Impax Asset Management Group plc now owns 111,261 shares of the specialty retailer’s stock worth $5,885,000 after acquiring an additional 11,261 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co grew its stake in Etsy by 34.0% in the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 5,160 shares of the specialty retailer’s stock worth $273,000 after acquiring an additional 1,310 shares in the last quarter. Denver PWM LLC grew its stake in Etsy by 36.1% in the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after acquiring an additional 289 shares in the last quarter. Finally, Boyd Watterson Asset Management LLC OH bought a new position in Etsy in the 4th quarter worth about $1,096,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.