Business Is Booming for Etsy, Even as the Stock Market Slumps
Shares of niche e-commerce company Etsy (NASDAQ: ETSY) are down roughly 70% from their all-time high. But the stock is still up 500% over the past five years. Therefore, thoughts on Etsy's performance are largely a matter of perspective.
Etsy stock is up so sharply over the past five years because of the surge in adoption its platform has enjoyed. However, the stock is down in 2022 as investors fret over user engagement in coming quarters. These bears likely missed a recent report that suggests Etsy's business is booming as much as ever. If true, this might make Etsy stock a good contrarian buy right now.
Official quarterly financial results aren't expected from Etsy until August. So investors will have to patiently wait for confirmation of the following numbers. However, data from third-party research group AppFigures shows that the Etsy app is seeing unseasonably high downloads right now.
Source Fool.com
