Etsy (ETSY) Shares Gap Down to $20.56

Etsy Inc (NASDAQ:ETSY) gapped down prior to trading on Friday . The stock had previously closed at $21.46, but opened at $20.56. Etsy shares last traded at $19.54, with a volume of 3056341 shares trading hands.

ETSY has been the subject of several analyst reports. KeyCorp initiated coverage on shares of Etsy in a research note on Wednesday, December 20th. They issued an “overweight” rating for the company. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target (up previously from $16.00) on shares of Etsy in a research note on Thursday, November 2nd. Piper Jaffray Companies restated a “neutral” rating and set a $14.50 price target on shares of Etsy in a research note on Wednesday, October 4th. BidaskClub upgraded shares of Etsy from a “hold” rating to a “buy” rating in a research note on Saturday, December 9th. Finally, Ifs Securities restated an “outperform” rating and set a $22.00 price target (up previously from $18.00) on shares of Etsy in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $16.19.

The company has a debt-to-equity ratio of 0.19, a current ratio of 4.26 and a quick ratio of 4.26. The stock has a market cap of $2,378.29, a P/E ratio of 78.16, a PEG ratio of 3.81 and a beta of 1.17.

Etsy announced that its Board of Directors has initiated a stock buyback program on Friday, November 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the specialty retailer to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

In related news, Director Frederick R. Wilson sold 87,938 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $13,350,286.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.00% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Etsy by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,873,527 shares of the specialty retailer’s stock worth $118,103,000 after buying an additional 325,998 shares during the period. BlackRock Inc. boosted its holdings in Etsy by 5.5% in the 2nd quarter. BlackRock Inc. now owns 6,701,573 shares of the specialty retailer’s stock worth $100,523,000 after buying an additional 351,751 shares during the period. Janus Henderson Group PLC bought a new position in Etsy in the 2nd quarter worth approximately $95,291,000. TPG Group Holdings SBS Advisors Inc. boosted its holdings in Etsy by 2,287.5% in the 2nd quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock worth $75,058,000 after buying an additional 4,794,297 shares during the period. Finally, State Street Corp boosted its holdings in Etsy by 4.4% in the 2nd quarter. State Street Corp now owns 2,401,810 shares of the specialty retailer’s stock worth $36,040,000 after buying an additional 101,859 shares during the period. 74.40% of the stock is owned by institutional investors.

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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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