Harvest Fund Management Co. Ltd Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Harvest Fund Management Co. Ltd acquired a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 611 shares of the specialty retailer’s stock, valued at approximately $49,000.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in Etsy during the fourth quarter worth about $54,000. Duality Advisers LP bought a new stake in Etsy in the fourth quarter worth about $909,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Etsy by 1.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,653 shares of the specialty retailer’s stock worth $944,000 after acquiring an additional 216 shares during the period. abrdn plc raised its position in Etsy by 77.4% in the fourth quarter. abrdn plc now owns 58,652 shares of the specialty retailer’s stock worth $4,754,000 after acquiring an additional 25,599 shares during the period. Finally, Greenleaf Trust bought a new stake in Etsy in the fourth quarter worth about $210,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders sold a total of 66,968 shares of company stock valued at $4,836,827 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ETSY. Evercore ISI lowered their price objective on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Piper Sandler lifted their price objective on shares of Etsy from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Etsy in a research report on Friday, March 1st. Morgan Stanley reaffirmed an “underweight” rating and issued a $55.00 price objective (down previously from $65.00) on shares of Etsy in a research report on Thursday, April 18th. Finally, Truist Financial lowered their price objective on shares of Etsy from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Etsy currently has a consensus rating of “Hold” and an average price target of $84.46.

Etsy Price Performance

ETSY stock opened at $67.43 on Friday. Etsy, Inc. has a one year low of $58.20 and a one year high of $102.81. The stock has a market cap of $7.89 billion, a PE ratio of 30.10, a P/E/G ratio of 4.68 and a beta of 2.01. The firm has a 50 day simple moving average of $68.90 and a two-hundred day simple moving average of $71.47.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. The business had revenue of $842.32 million during the quarter, compared to analysts’ expectations of $827.40 million. On average, research analysts expect that Etsy, Inc. will post 2.58 EPS for the current fiscal year.

Etsy Profile

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.