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Book Profit on this NASDAQ-Listed Internet and Direct Marketing Stock- ETSY Inc.

Jul 22, 2022 | Team Kalkine
Book Profit on this NASDAQ-Listed Internet and Direct Marketing Stock- ETSY Inc.



Etsy, Inc. (NASDAQ: ETSY) runs international two-sided online marketplaces that bring together customers and sellers. Etsy, Reverb, Depop, and Elo7 are the four business divisions that the company works in.

As per the previous recommendation on ETSY as of July 05, 2022, a ‘Buy’ rating was recommended on the stock at USD 83.42 and noted below are the details of support and resistance provided in the previous report and the stock price has moved by 21.56% since then and the price is now hovering near Resistance 2 level.

Recommendation Summary as of July 05, 2022

ETSY’s Daily Price Chart

Source: REFNITIV, Analysis by Kalkine Group

Considering the resistance around the current levels, volatility in the global markets, and the price hit as per the previous report target (USD 97.61), it would be wise to book profits at the current price levels. Hence, a “Sell” rating has been provided on the stock at the current market price of USD 101.41, as of July 22, 2022, at 07:10 AM PDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance. 

Note 2: The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and the uptrend may take a pause due to profit booking or selling interest.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.