Etsy Stock Draws Out Bull Notes on Quarterly Win

The security is, once again, looking to conquer the $100 level

Digital Content Manager
Jul 28, 2022 at 9:28 AM
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Etsy Inc (NASDAQ:ETSY) yesterday evening reported second-quarter earnings of 51 cents per share -- much higher than analysts' estimates of 31 cents per share --  in addition to a revenue beat. As a result, the equity has attracted no less than five subsequent price-target hikes, including one from Jefferies to $125 from $115.

Analysts are mostly optimistic towards Etsy stock, with 12 of the 20 in question rating it a "buy" or better. Shorts have started to hit the exits, too, with short interest down 7.5% in the most recent period. However, the 16.11 million shares sold short still account for 12.8% of ETSY's available float.

Last seen up 6.8% to trade at $101.98, the security is, once again, attempting to conquer the $100 level after its bounce off a June 16, two-year low of $67.01 lost steam near that region last week. ETSY is also eyeing recent pressure at the 100-day moving average, though year-to-date shares remain down 56.4%.

A shift in the options pits could keep recent tailwinds blowing for the security. This is per ETSY's Schaeffer's put/call open interest ratio (SOIR) of 1.89, which is higher than 98% of annual readings, suggesting these short-term options traders have rarely been more put-biased.

It's also worth noting the equity's Schaeffer's Volatility Scorecard (SVS) sits at a 88 out of 100. This means ETSY has exceeded option traders' volatility expectations over the past year -- a good thing for options buyers.


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