Quest Partners LLC Cuts Holdings in Etsy, Inc. (NASDAQ:ETSY)

Quest Partners LLC reduced its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 64.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,440 shares of the specialty retailer’s stock after selling 4,424 shares during the period. Quest Partners LLC’s holdings in Etsy were worth $144,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of ETSY. Sunbelt Securities Inc. raised its holdings in Etsy by 3,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 429 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Etsy by 402.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after buying an additional 358 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Etsy by 1,576.5% during the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after buying an additional 536 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Etsy during the 2nd quarter valued at approximately $42,000. Finally, Principal Securities Inc. acquired a new stake in Etsy in the 4th quarter valued at $47,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 2,000 shares of company stock worth $116,395. Company insiders own 2.60% of the company’s stock.

Etsy Stock Performance

ETSY opened at $53.88 on Tuesday. The business’s 50 day moving average price is $57.04 and its 200 day moving average price is $61.97. The stock has a market capitalization of $6.18 billion, a PE ratio of 24.60, a P/E/G ratio of 5.10 and a beta of 1.97. Etsy, Inc. has a one year low of $50.63 and a one year high of $89.58.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. Etsy’s revenue was up 3.0% on a year-over-year basis. During the same period last year, the firm posted $0.83 earnings per share. As a group, equities research analysts forecast that Etsy, Inc. will post 2.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

ETSY has been the topic of several recent analyst reports. Wedbush reaffirmed a “neutral” rating and set a $65.00 price objective on shares of Etsy in a report on Monday, July 22nd. Cantor Fitzgerald initiated coverage on shares of Etsy in a research note on Thursday, September 5th. They issued a “neutral” rating and a $50.00 price target on the stock. Stifel Nicolaus cut their price objective on Etsy from $65.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company reduced their target price on Etsy from $58.00 to $56.00 and set an “underweight” rating for the company in a report on Tuesday, June 25th. Finally, Loop Capital lowered their price target on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $70.61.

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.