Van ECK Associates Corp lessened its stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 47.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,005,631 shares of the specialty retailer's stock after selling 2,758,433 shares during the quarter. Van ECK Associates Corp owned about 2.57% of Etsy worth $166,903,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its position in shares of Etsy by 68.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,968 shares of the specialty retailer's stock worth $754,000 after buying an additional 4,474 shares during the period. Janney Montgomery Scott LLC grew its holdings in Etsy by 26.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,078 shares of the specialty retailer's stock valued at $761,000 after purchasing an additional 2,299 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its holdings in Etsy by 10.3% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,555 shares of the specialty retailer's stock valued at $313,000 after purchasing an additional 424 shares during the period. Meridian Management Co. grew its holdings in Etsy by 1.7% during the first quarter. Meridian Management Co. now owns 63,168 shares of the specialty retailer's stock valued at $4,341,000 after purchasing an additional 1,026 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in Etsy by 79.3% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,059 shares of the specialty retailer's stock valued at $485,000 after purchasing an additional 3,122 shares during the period. Institutional investors and hedge funds own 99.53% of the company's stock.
Shares of ETSY traded up $1.33 during mid-day trading on Friday, reaching $52.77. The company had a trading volume of 5,217,180 shares, compared to its average volume of 3,553,331. The company's 50 day simple moving average is $52.60 and its 200 day simple moving average is $58.15. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $89.58. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 26.92, a P/E/G ratio of 5.94 and a beta of 1.99.
Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter in the previous year, the business posted $0.64 earnings per share. The company's revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities analysts forecast that Etsy, Inc. will post 2.3 earnings per share for the current fiscal year.
Etsy declared that its board has initiated a stock repurchase program on Wednesday, October 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.
In related news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the firm's stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of the firm'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 have sold a total of 4,619 shares of company stock worth $240,825 in the last ninety days. Company insiders own 2.60% of the company's stock.
A number of research analysts have weighed in on ETSY shares. Bank of America cut their price target on shares of Etsy from $61.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, October 24th. Cantor Fitzgerald restated a "neutral" rating and set a $50.00 target price on shares of Etsy in a report on Monday, October 7th. Barclays lowered their target price on shares of Etsy from $60.00 to $55.00 and set an "equal weight" rating on the stock in a report on Thursday. Oppenheimer downgraded shares of Etsy from an "outperform" rating to a "market perform" rating in a report on Thursday, August 1st. Finally, Wedbush decreased their price objective on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating on the stock in a report on Tuesday, October 22nd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $64.87.
View Our Latest Stock Analysis on 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.
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