JMP Securities Downgrades Etsy (NASDAQ:ETSY) to Market Perform

Etsy (NASDAQ:ETSY) was downgraded by analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, Briefing.com reports.

Several other analysts have also recently issued reports on the company. Oppenheimer reduced their price objective on Etsy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday. Barclays reduced their price objective on Etsy from $67.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday. The Goldman Sachs Group reduced their price objective on Etsy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday. Loop Capital cut Etsy from a “hold” rating to a “sell” rating and reduced their price objective for the company from $70.00 to $50.00 in a research note on Thursday. Finally, Needham & Company LLC dropped their target price on Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Etsy has a consensus rating of “Hold” and a consensus target price of $79.75.

Etsy Stock Down 15.6 %

NASDAQ:ETSY traded down $10.88 during trading hours on Thursday, reaching $58.86. 14,724,413 shares of the stock were exchanged, compared to its average volume of 3,803,430. The business has a 50-day moving average of $68.28 and a two-hundred day moving average of $71.65. Etsy has a twelve month low of $56.60 and a twelve month high of $102.81. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 4.81 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $646.30 million. During the same quarter last year, the company earned $0.53 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts forecast that Etsy will post 2.56 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the sale, the insider now owns 19,682 shares in the company, valued at $1,299,208.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the sale, the insider now owns 19,682 shares in the company, valued at $1,299,208.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders sold a total of 66,968 shares of company stock worth $4,836,827 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of hedge funds and other institutional investors have recently modified their holdings of ETSY. CVA Family Office LLC acquired a new stake in shares of Etsy during the 4th quarter valued at approximately $27,000. Operose Advisors LLC acquired a new stake in shares of Etsy during the 3rd quarter valued at approximately $28,000. Sunbelt Securities Inc. lifted its position in shares of Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 429 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after acquiring an additional 358 shares during the period. Finally, Tompkins Financial Corp acquired a new stake in shares of Etsy during the 4th quarter valued at approximately $41,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.