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    ETSY   US29786A1060

ETSY, INC.

(ETSY)
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Etsy gets into S&P 500, Tesla does not

09/04/2020 | 07:22pm EDT
FILE PHOTO: Logo of Tesla is seen at a branch office in Bern

Shares of Tesla tumbled 7% in extended trade on Friday after the electric car maker was excluded from a group of companies being added to the S&P 500, among them Etsy, whose stock market value is less than a 20th of Tesla's.

The decision by S&P Dow Jones Indices is a blow to Tesla investors who widely expected the company to join the benchmark stock index after a blockbuster quarterly report in July cleared a major hurdle for its potential inclusion.

S&P Dow Jones Indices said in a statement it was adding online craft seller Etsy, semiconductor equipment maker Teradyne and pharmaceutical technology company Catalent to the S&P 500, effective Sept. 21, and removing H&R Block, Coty and Kohls.

Shares of Etsy jumped 6% in extended trade, Teradyne rose 2%, and Catalent added 2%.

S&P Dow Jones Indices senior index analyst Howard Silverblatt declined to say why Tesla was not added to the S&P 500, which is tracked by index funds with at least $4.4 trillion in assets.

"The market is continuously changing, and we need to reflect that in our indices," Silverblatt said.

With a market capitalization over $370 billion, Tesla is one of the most valuable companies on Wall Street. Even after a 16% drop in its share price from record highs this week, Tesla remains more valuable than 95% of the S&P 500's existing components, including Johnson & Johnson and Procter & Gamble.

Etsy, Teradyne and Catalent have a combined stock market value of about $40 billion.

Tesla, which is up nearly 400% so far in 2020, is among the most loved - and hated - stocks on Wall Street. It is the U.S. stock market's highest-profile bet on the rise of renewable energy and the decline of fossil fuels, and Tesla's Model 3 sedan has made major inroads among consumers.

Its recent stock gains have been driven by Tesla's unexpectedly strong quarterly results released in July, as well as by bets that it would be added to the S&P 500, which would trigger massive demand for its shares from index funds that track the benchmark.

Tesla bears point to looming competition from Porsche, General Motors and other longer-established rivals. They are also skeptical of Tesla's corporate governance under Chief Executive Elon Musk, who in 2018 agreed to pay $20 million and step down as chairman to settle fraud charges.

Short sellers are betting $24 billion that Tesla's shares will fall, among the largest short levels on record for a U.S. company, in dollars, according to S3 Partners.

By Noel Randewich


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.59% 33825.85 Delayed Quote.12.07%
ETSY, INC. 2.17% 171 Delayed Quote.-5.92%
NASDAQ 100 1.42% 14180.915431 Delayed Quote.8.49%
NASDAQ COMP. 0.94% 14171.686921 Delayed Quote.8.93%
PORSCHE AUTOMOBIL HOLDING SE 0.47% 95 Delayed Quote.67.66%
S&P 500 0.01% 4224.27 Delayed Quote.12.45%
TERADYNE, INC. 0.63% 129.025 Delayed Quote.7.00%
TESLA, INC. 2.42% 620.3604 Delayed Quote.-14.28%
All news about ETSY, INC.
06/16ETSY  : Truist Securities Adjusts Etsy's Price Target to $217 From $215, Maintai..
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06/15ETSY INC  : Submission of Matters to a Vote of Security Holders (form 8-K)
AQ
06/11ETSY INC  : Entry into a Material Definitive Agreement, Other Events (form 8-K)
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06/09ETSY  : Jefferies Adjusts Price Target on Etsy to $245 From $260, Maintains Buy ..
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06/09ETSY  : Prices Private Placement of $1 Billion in Convertible Senior Notes
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06/09ETSY  : Announces Pricing of $1.0 Billion of Convertible Senior Notes Offering
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06/08ETSY  : to Participate in Upcoming Investor Conferences
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06/08INSIDER TRENDS : Insider Prolongs 90-Day Selling Trend at AYRO
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06/07ETSY  : Plans $1.0 Billion Convertible Senior Notes Offering -- Stock Down 3.5% ..
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06/07ETSY  : Announces Proposed Private Offering of $1.0 Billion of Convertible Senio..
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More news
Financials (USD)
Sales 2021 2 281 M - -
Net income 2021 444 M - -
Net cash 2021 835 M - -
P/E ratio 2021 54,3x
Yield 2021 -
Capitalization 21 273 M 21 273 M -
EV / Sales 2021 8,96x
EV / Sales 2022 7,23x
Nbr of Employees 1 508
Free-Float 99,4%
Chart ETSY, INC.
Duration : Period :
Etsy, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends ETSY, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 222,53 $
Last Close Price 167,37 $
Spread / Highest target 61,3%
Spread / Average Target 33,0%
Spread / Lowest Target -19,3%
EPS Revisions
Managers and Directors
NameTitle
Joshua G. Silverman President, Chief Executive Officer & Director
Rachel C. Glaser Chief Financial Officer
Frederick R. Wilson Non-Executive Chairman
Michael T. Fisher Chief Technology Officer
Raina Moskowitz COO, Chief Strategy & People Officer
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