Etsy Inc ETSY shares are trading higher by 20 cents (1.5 percent) at $14.18 in Wednesday's session.
Before the open, the company announced it was reducing its work force by 15 percent and will incur exit costs in the $6 million-$8.8 million range.
After a lower open, Etsy immediately found support at $13.79 and began to move higher. At this time, the stock has found intraday resistance two pennies ahead of Tuesday's high ($14.37) only reaching $14.35. Since making that high, it has been finding buyers at the $14.00 area.
Its highest close since activist investors (TPG and Dragoneer) revealed their stakes in the company on May 15 was made Monday at $14.20. The day following the activist interest, the stock leaped from $11.32 to $13.73.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
