Etsy Gets Hammered: Here's The Critical Level For The Stock

Shares of Etsy, Inc. ETSY are trading down by more than 7% Thursday morning. The company reported its quarterly earnings and investors didn’t like what they saw.

In the second quarter, Etsy earned 68 cents a share, which beat estimates of 64 cents. The company also guided revenue estimates lower for the third quarter. It projects revenue between $500 million and $525 million, lower than the Streets estimates of $527 million.

If shares continue to trend lower, there’s a good chance they find support around the $164 level. It was previously support in May and June. Sometimes support levels stay intact for a long time, and that could be the case here.