In its Q1 2019 Investor Letter, Greenhaven Road Capital said Etsy, Inc. (NASDAQ:ETSY) has managed to drive its revenue growth through revised pricing. If you are intrigued to read more from Greenhaven Road Capital you can track downthe letter here. The fund also reported gaining 16% in the first three months of 2019, and here it the full comment on Etsy from the letter:
“Etsy (ETSY): The two-sided artisan marketplace has spurred revenue growth through improved pricing. Going forward, there is an opportunity to increase frequency of purchase and improve product discovery (search). Etsy is intentionally investing to grow the buyer base, improve the shopping experience, and provide tools for sellers to grow their businesses and run them with less friction. The valuation has become more stretched as the share price is up more than 6X from our initial purchases, but the company has a long runway for growth with no additional capital required.”
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Etsy is an e-commerce website that sells a variety of craft supplies such as handmade and vintage jewelry for example. Year-to-date, the company’s stock is up 46.87%, and on May 6th it had a closing price of $69.03. Etsy has a market cap of $8.29 billion, and it is trading at a price-to-earnings ratio of 113.16.
Heading into the first quarter of 2019, a total of 39 of the hedge funds tracked by Insider Monkey were long this stock, a change of 22% from the second quarter of 2018. On the other hand, there were a total of 29 hedge funds with a bullish position in ETSY a year ago. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically, Renaissance Technologies was the largest shareholder of Etsy Inc (NASDAQ:ETSY), with a stake worth $325.6 million reported as of the end of September. Trailing Renaissance Technologies was D E Shaw, which amassed a stake valued at $142.8 million. Two Sigma Advisors, Columbus Circle Investors, and Goodnow Investment Group were also very fond of the stock, giving the stock large weights in their portfolios.
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