Etsy (ETSY) Trading 5% Higher

Shares of Etsy Inc (NASDAQ:ETSY) traded up 5% on Thursday . The company traded as high as $21.86 and last traded at $21.76. 2,975,243 shares were traded during trading, an increase of 49% from the average session volume of 1,992,096 shares. The stock had previously closed at $20.72.

A number of analysts recently weighed in on the stock. KeyCorp assumed coverage on shares of Etsy in a report on Wednesday. They set an “overweight” rating on the stock. Royal Bank of Canada boosted their price target on shares of Etsy from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 7th. Ifs Securities reissued an “outperform” rating and issued a $22.00 price target (up previously from $18.00) on shares of Etsy in a research note on Tuesday, November 7th. Zacks Investment Research cut shares of Etsy from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Etsy in a research note on Tuesday, November 7th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $15.69.

The stock has a market cap of $2,650.00 and a PE ratio of 81.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.26 and a current ratio of 4.26.

Etsy announced that its Board of Directors has authorized a stock buyback plan on Friday, November 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

In other Etsy news, Director Frederick R. Wilson sold 87,938 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $16.24, for a total value of $1,428,113.12. Following the completion of the transaction, the director now directly owns 822,062 shares in the company, valued at approximately $13,350,286.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its stake in shares of Etsy by 30.3% in the 2nd quarter. Royal Bank of Canada now owns 8,812 shares of the specialty retailer’s stock worth $133,000 after acquiring an additional 2,049 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Etsy by 12.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,160 shares of the specialty retailer’s stock worth $152,000 after acquiring an additional 1,092 shares in the last quarter. Trexquant Investment LP bought a new stake in Etsy during the 3rd quarter valued at about $192,000. Rehmann Capital Advisory Group bought a new stake in Etsy during the 3rd quarter valued at about $211,000. Finally, Amalgamated Bank increased its stake in Etsy by 14.9% during the 2nd quarter. Amalgamated Bank now owns 14,788 shares of the specialty retailer’s stock valued at $222,000 after purchasing an additional 1,920 shares in the last quarter. Institutional investors and hedge funds own 74.40% of the company’s stock.

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About Etsy

Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.

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