Etsy Inc (ETSY) Sees Significant Growth in Short Interest

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Etsy Inc (NASDAQ:ETSY) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 10,543,441 shares, a growth of 17.5% from the February 15th total of 8,970,274 shares. Based on an average daily trading volume, of 7,122,549 shares, the days-to-cover ratio is currently 1.5 days. Currently, 8.9% of the shares of the stock are short sold.

In related news, Director Jonathan D. Klein sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $70.83, for a total transaction of $2,124,900.00. Following the completion of the transaction, the director now owns 109,265 shares of the company’s stock, valued at $7,739,239.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Jill Simeone sold 11,572 shares of the firm’s stock in a transaction dated Friday, January 4th. The shares were sold at an average price of $50.00, for a total value of $578,600.00. Following the transaction, the general counsel now directly owns 2,859 shares of the company’s stock, valued at approximately $142,950. The disclosure for this sale can be found here. Insiders have sold 121,050 shares of company stock valued at $8,048,323 in the last ninety days. Company insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ETSY. Geode Capital Management LLC lifted its stake in Etsy by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 1,498,337 shares of the specialty retailer’s stock worth $71,275,000 after acquiring an additional 104,042 shares in the last quarter. Norges Bank purchased a new stake in Etsy in the 4th quarter worth about $54,602,000. Dimensional Fund Advisors LP lifted its stake in Etsy by 57.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 240,246 shares of the specialty retailer’s stock worth $11,429,000 after acquiring an additional 87,209 shares in the last quarter. FMR LLC lifted its stake in Etsy by 68.3% in the 4th quarter. FMR LLC now owns 1,882,900 shares of the specialty retailer’s stock worth $89,570,000 after acquiring an additional 763,816 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Etsy by 149.4% in the 4th quarter. Amalgamated Bank now owns 17,454 shares of the specialty retailer’s stock worth $830,000 after acquiring an additional 10,456 shares in the last quarter. 88.86% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ ETSY opened at $70.15 on Thursday. Etsy has a 12 month low of $26.54 and a 12 month high of $73.35. The firm has a market cap of $8.45 billion, a PE ratio of 115.00, a P/E/G ratio of 5.43 and a beta of 0.93. The company has a debt-to-equity ratio of 0.85, a current ratio of 5.49 and a quick ratio of 5.49.

Etsy (NASDAQ:ETSY) last announced its earnings results on Monday, February 25th. The specialty retailer reported $0.32 EPS for the quarter, beating the consensus estimate of $0.26 by $0.06. Etsy had a return on equity of 14.10% and a net margin of 15.00%. The business had revenue of $200.00 million during the quarter, compared to the consensus estimate of $194.77 million. During the same period in the prior year, the business posted $0.36 earnings per share. Etsy’s revenue was up 46.7% compared to the same quarter last year. On average, research analysts anticipate that Etsy will post 0.7 earnings per share for the current fiscal year.

Several research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed a “hold” rating and set a $60.00 target price on shares of Etsy in a research note on Wednesday. Deutsche Bank assumed coverage on Etsy in a research note on Tuesday, January 29th. They set a “buy” rating and a $64.00 target price for the company. Loop Capital set a $70.00 target price on Etsy and gave the company a “buy” rating in a research note on Monday, December 17th. BTIG Research upped their target price on Etsy to $67.00 and gave the company a “buy” rating in a report on Tuesday, February 26th. Finally, Roth Capital upped their target price on Etsy from $64.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, February 26th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Etsy currently has a consensus rating of “Buy” and a consensus price target of $66.29.

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About Etsy

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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