Etsy Stock Paints Frightening October Picture

Plus, 24 other stocks likely to underperform in the next few weeks

Digital Content Manager
Oct 4, 2023 at 3:00 PM
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Etsy Inc (NASDAQ:ETSY) stock is up 2.2% to trade at $63.64 at last glance, but traders shouldn't necessarily take that as a good sign. The equity is down 46.9% so far this year, and not far off its Sept. 28, three-year low of $61.22. Staunch resistance from the 20-day moving average is also keeping a tight lid on ETSY, which is historically the worst S&P 500 Index (SPX) stock to own in October, going back 10 years. 

ETSY 20 Day

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, Etsy stock averaged a loss of 6.8% in October over the last decade, finishing the month higher just once. The security has also shed almost 2% more than the second worst name on this list.  

Worst of October

Nevertheless, options traders are bullish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 50-day call/put volume ratio of 1.50, which ranks higher than 76% of readings from the past 12 months. An unwinding of this optimism could also be bad news for the equity.

It's also worth noting Etsy stock boasts affordable premiums at the moment, meaning now is the ideal time to make a move. This is per its Schaeffer's Volatility Index (SVI) of 51% that ranks higher than 26% of annual readings, implying low volatility expectations. 


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