Etsy Sees Unusually Large Options Volume (NASDAQ:ETSY)

Etsy, Inc. (NASDAQ:ETSY) saw unusually large options trading activity on Tuesday. Investors bought 44,048 call options on the company. This represents an increase of approximately 69% compared to the average daily volume of 26,077 call options.

Etsy Trading Up 1.5%

ETSY stock traded up $0.83 during midday trading on Tuesday, hitting $54.72. 4,758,973 shares of the company’s stock were exchanged, compared to its average volume of 4,190,923. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 23.10, a price-to-earnings-growth ratio of 2.57 and a beta of 1.80. The firm has a 50 day moving average price of $49.30 and a 200-day moving average price of $51.22. Etsy has a 12-month low of $40.05 and a 12-month high of $66.81.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). The company had revenue of $651.18 million during the quarter, compared to analyst estimates of $642.22 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 earnings per share. On average, sell-side analysts forecast that Etsy will post 2.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft set a $40.00 target price on shares of Etsy and gave the company a “hold” rating in a report on Monday, April 14th. Citigroup decreased their price objective on Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a research note on Friday, April 25th. Stifel Nicolaus decreased their price objective on Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company decreased their price objective on Etsy from $46.00 to $40.00 and set an “underweight” rating on the stock in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald raised their price target on shares of Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Six analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $49.87.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $58.77, for a total value of $88,155.00. Following the completion of the transaction, the insider now owns 31,822 shares in the company, valued at $1,870,178.94. This trade represents a 4.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total transaction of $81,118.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 205,418 shares of company stock worth $11,234,192. 2.80% of the stock is owned by insiders.

Institutional Trading of Etsy

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Etsy by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock valued at $651,056,000 after acquiring an additional 56,772 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Etsy by 4.5% in the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after buying an additional 235,550 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock worth $218,890,000 after buying an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after buying an additional 1,486,142 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Etsy by 36.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock worth $95,599,000 after buying an additional 535,864 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.