Why Etsy Stock Was Climbing Higher This Week
Week to date, shares of Etsy (NASDAQ: ETSY) were up 16% as of 11:25 a.m. on Friday, according to data provided by S&P Global Market Intelligence. The stock rose after bullish comments from an analyst whose data suggests that shoppers on Etsy will spend more on the platform this holiday season than they had previously planned to.
Etsy stock had lost more than half its value year to date through October on worries about slowing consumer spending. Expectations have gotten low for the company, and it didn't help that it reported a 3.3% year-over-year decline in gross merchandise sales last quarter.
However, on Thursday, BTIG analyst Marvin Fong said that his firm's post-Black Friday survey suggests shoppers are browsing the marketplace now more than they indicated they would be this season when they were surveyed in October. For what it's worth, BTIG's sample of more than 200 Etsy shoppers expects to spend 18% more on the site than they did last year.
Source Fool.com
