Goldman Sachs downgraded Etsy stock to "sell" from "neutral"
Goldman Sachs downgraded Etsy Inc (NASDAQ:ETSY) to "sell" from "neutral" this morning, and lowered its price target to $45 from $70. The analyst expects the e-commerce stock, which is down 39.3% in 2024, to continue to lose market share, amid increased competition.
ETSY appears to be brushing off the bear note, up 1.9% at $50.52 at last glance. The shares yesterday hit a more than four-year low of $48.06, and are below all moving averages between the 20- and 320-day trendlines.
Over in the options pits, ETSY has seen double the amount of calls typically seen at this point. The October 52 call is the most popular, followed by the 55 call in the same monthly series.
Calls were already popular coming into today. The equity's 50-day call/put volume ratio of 2.75 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year.
It's also worth noting that short interest represents 15% of the stock's available float. It would take shorts over four days to cover, at ETSY's average pace of trading.