Short Interest in Etsy Inc (NASDAQ:ETSY) Decreases By 12.0%

Etsy Inc (NASDAQ:ETSY) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 12,430,000 shares, a decline of 12.0% from the September 30th total of 14,130,000 shares. Based on an average daily trading volume, of 3,690,000 shares, the short-interest ratio is presently 3.4 days. Approximately 10.6% of the company’s stock are sold short.

Shares of ETSY stock traded up $0.16 during midday trading on Friday, hitting $42.00. 5,036,800 shares of the company were exchanged, compared to its average volume of 4,557,585. The firm’s 50 day moving average price is $52.82 and its two-hundred day moving average price is $59.22. The firm has a market capitalization of $4.96 billion, a P/E ratio of 68.85, a PEG ratio of 3.05 and a beta of 0.97. Etsy has a 52 week low of $39.81 and a 52 week high of $73.35. The company has a debt-to-equity ratio of 2.14, a quick ratio of 6.11 and a current ratio of 6.11.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.12 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. Etsy had a net margin of 14.14% and a return on equity of 25.62%. The firm had revenue of $197.95 million during the quarter, compared to analysts’ expectations of $193.31 million. During the same period in the prior year, the company posted $0.15 EPS. The company’s revenue was up 31.6% on a year-over-year basis. Analysts expect that Etsy will post 0.67 EPS for the current year.

Several brokerages have issued reports on ETSY. Royal Bank of Canada upgraded shares of Etsy from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $63.00 to $68.00 in a research note on Thursday, September 19th. Canaccord Genuity lowered their price objective on shares of Etsy from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Loop Capital lowered their price objective on shares of Etsy to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. KeyCorp restated an “overweight” rating and set a $78.00 price objective (down from $90.00) on shares of Etsy in a research note on Thursday, October 31st. Finally, Stifel Nicolaus upgraded shares of Etsy from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $67.11.

In other Etsy news, CTO Michael T. Fisher sold 5,194 shares of Etsy stock in a transaction on Monday, September 9th. The shares were sold at an average price of $50.00, for a total value of $259,700.00. Following the sale, the chief technology officer now directly owns 17,387 shares in the company, valued at approximately $869,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Goyal Kruti Patel sold 3,754 shares of Etsy stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.28, for a total transaction of $200,013.12. Following the completion of the sale, the senior vice president now owns 11,406 shares in the company, valued at $607,711.68. The disclosure for this sale can be found here. Insiders sold a total of 17,460 shares of company stock worth $928,789 over the last quarter. Company insiders own 3.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP increased its position in Etsy by 0.3% in the 3rd quarter. First Trust Advisors LP now owns 2,526,675 shares of the specialty retailer’s stock valued at $142,757,000 after acquiring an additional 6,829 shares during the period. Congress Asset Management Co. MA boosted its stake in shares of Etsy by 62.2% in the 3rd quarter. Congress Asset Management Co. MA now owns 2,520,522 shares of the specialty retailer’s stock valued at $142,409,000 after purchasing an additional 966,534 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Etsy by 22.0% in the 2nd quarter. Invesco Ltd. now owns 1,476,169 shares of the specialty retailer’s stock valued at $90,593,000 after purchasing an additional 266,462 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Etsy by 17.3% in the 2nd quarter. Bank of America Corp DE now owns 979,991 shares of the specialty retailer’s stock valued at $60,142,000 after purchasing an additional 144,564 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Etsy by 70.1% in the 2nd quarter. Jennison Associates LLC now owns 953,261 shares of the specialty retailer’s stock valued at $58,502,000 after purchasing an additional 392,958 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Etsy Company Profile

Etsy, Inc operates Etsy.com, a commerce platform to make, sell, and buy goods online and offline primarily in the United States, United Kingdom, Canada, Australia, France, and Germany. It provides various seller services and tools that are designed to help entrepreneurs for starting, managing, and scaling their businesses.

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