KeyBanc Eyes New High for Etsy Shares

ETSY stock has almost tripled year-over-year

Oct 2, 2018 at 10:08 AM
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While sector peer Stitch Fix (SFIX) sells off after earnings, e-commerce stock Etsy Inc (NASDAQ:ETSY) was again the recipient of bullish analyst attention. The shares this morning saw their price target hiked to $59 from $51 at KeyBanc, though they're still down 1.1% on the day at $49.42.

The majority of analysts covering ETSY are already in the bulls' corner, but there is still room for additional upgrades and/or price-target increases. That's because three of eight brokerage firms still have "hold" or "strong sell" ratings in place, and the average 12-month price target of $51 is in line with the stock's current price.

This is especially true when you consider how well the equity has performed on the charts this year. ETSY stock has almost tripled over the past 12 months, and hit a record high of $53.25 on Sept. 14. Meanwhile, the 50-day moving average has acted as strong support since May.

As such, options activity at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) has been overwhelmingly call-centered. Call buying has almost quadrupled put buying during the past 10 days across these exchanges, and currently, peak call open interest now resides at the March 50 call, though the front-month October 55 call is close behind.

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