Analyst Upgrade Picks Etsy Stock Up From Lows

Options bulls have been quick to chime in

Deputy Editor
Sep 14, 2023 at 10:27 AM
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Etsy Inc (NASDAQ:ETSY) is bouncing off yesterday's three-year low of $63.51, looking to snap a seven-day losing streak after an upgrade from Wolfe Research to "outperform" from "peer perform." At last glance, the shares were up 5.7% at $68.21. 

Since the start of the year, ETSY is down roughly 43%. The stock's 14-day relative strength index (RSI) of 23.6 sits firmly in "oversold" territory, however, meaning this short-term jump could have already been in the cards. It's also worth noting that short interest represents 7% of the equity's available float. 

Plenty of analysts are still bearish on the online marketplace, with 14 of the 29 in coverage carrying a "hold" or worse rating. Looking at this year's underperformance on the charts, Wolfe Research said in today's note that ETSY is ready for a "big comeback," however. 

Call traders are snapping up Etsy stock in response, with 10,000 calls exchanged so far, which is seven times the average intraday amount. The September 70 call is the most active contract, with new positions being opened. 

These options are reasonably priced at the moment, too, per the stock's Schaeffer's Volatility Index (SV) of 42%, which ranks in the 13th percentile of its annual range. This means options traders are pricing in low volatility expectations at the moment. 

 

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