Etsy (ETSY) Rating Lowered to Underweight at Morgan Stanley

Etsy (NASDAQ:ETSY) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a note issued to investors on Friday, MarketBeat.com reports. They currently have a $17.00 price objective on the specialty retailer’s stock. Morgan Stanley’s target price points to a potential downside of 17.32% from the company’s previous close.

Several other research firms have also recently weighed in on ETSY. BidaskClub upgraded Etsy from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. Zacks Investment Research upgraded Etsy from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Tuesday. KeyCorp began coverage on Etsy in a research note on Wednesday, December 20th. They issued an “overweight” rating for the company. Stifel Nicolaus restated 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. Finally, Ifs Securities restated 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. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $15.92.

Etsy (ETSY) traded up $0.30 during mid-day trading on Friday, hitting $20.56. The stock had a trading volume of 782,100 shares, compared to its average volume of 2,048,063. Etsy has a 52-week low of $9.41 and a 52-week high of $21.86. The company has a quick ratio of 4.26, a current ratio of 4.26 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $2,500.00 and a PE ratio of 171.33.

Etsy announced that its board has approved a share repurchase plan on Friday, November 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

In related news, Director Frederick R. Wilson sold 87,938 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $16.24, for a total transaction of $1,428,113.12. Following the completion of the sale, the director now owns 822,062 shares in the company, valued at $13,350,286.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.00% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. California Public Employees Retirement System increased its position in Etsy by 0.9% in the third quarter. California Public Employees Retirement System now owns 385,600 shares of the specialty retailer’s stock worth $6,509,000 after buying an additional 3,400 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Etsy in the third quarter worth about $315,000. Jane Street Group LLC purchased a new stake in Etsy in the third quarter worth about $363,000. Goodnow Investment Group LLC boosted its stake in shares of Etsy by 0.5% in the third quarter. Goodnow Investment Group LLC now owns 1,378,286 shares of the specialty retailer’s stock worth $23,265,000 after acquiring an additional 6,720 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Etsy in the third quarter worth about $1,187,000. Institutional investors and hedge funds own 74.40% of the company’s stock.

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Etsy Company Profile

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.

Analyst Recommendations for Etsy (NASDAQ:ETSY)

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