Etsy Is Up Big, But Why?
Shares of Etsy Inc (NASDAQ: ETSY) were rallying in Wednesday’s market session. The stock hit a high of nearly $18 after closing near $16 a day earlier.
After selling off near the end of the day, the stock closed near $16.78, up almost 5 percent.
So, why is Etsy up?
A Couple Reasons
Of note, Tiger Global Management lifted Etsy's stock price on Tuesday by revealing a massive stake in the company.
In an interview with Benzinga, Tom Forte of Brean Capital commented that Tiger Global is well regarded in the industry. Forte said that aside from the Tiger Global position, a short squeeze could also be a reason for Etsy's big day -- short interest more than doubled in the last filing period.
Forte added that he's “still bullish on Etsy,” and mentioned he continues to hold a $23 price target on shares. In a note last month, the analyst wrote that Etsy "has multiple levers to pull to drive sustainable long-term sales growth and adjusted EBITDA margin expansion."
Since its IPO in April, Etsy stock is down more than 40 percent.
Shares are, however, up 10.8 percent in the past week.
Image credit: Etsy
Latest Ratings for ETSY
|Dec 2016||Stifel Nicolaus||Initiates Coverage On||Hold|
|Nov 2016||Roth Capital||Upgrades||Neutral||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.