Why Etsy Stock Was Down on Monday

Shares of Etsy (NASDAQ: ETSY) were down 3.5% as of 1:21 p.m. ET on Monday after a Needham analyst issued a bearish take on the company's ability to deliver satisfactory growth amid economic headwinds.

The stock is down 62% year to date, underperforming the Nasdaq Composite's decline of 25%.

Needham analyst Anna Andreeva downgraded the stock to a hold from a buy rating, citing a weakening economic picture in the short term. However, Andreeva still likes the company's long-term potential to become a go-to destination for buyers and sellers, given Etsy's unique positioning as a marketplace for one-of-a-kind items. She also sees a big opportunity for Etsy to drive a higher rate of frequent shoppers.

Source Fool.com