Etsy Inc (NASDAQ:ETSY) shares are trading higher by $2.60 (23 percent) at $13.92 in Tuesday's session.
Investors are aggressively purchasing shares, as they appear to be encouraged by the company's comments in a recent 13D filing that "reiterates confidence in strong foundation and significant growth opportunities."
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Separately, Dragoneer Investment Group reported a 3.7 percent stake in the company.
After much higher open, Etsy had only a 3-cent retreat to $12.87 before continuing its move higher. It has continued to make new highs for the session, with the current one standing at $14.11 as of 1:35 p.m. EST.
That marks the highest level for Etsy's stock since October 22, when it peaked at $14.22. If the rally continues beyond that high, there may be additional resistance at the pair of highs from October 20 ($14.55) and October 24 ($14.51).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.