Etsy is having a solid rally, rocketing higher after announcing a $1.62 billion deal to buy fashion resaler Depop.
The gains are a refreshing change for Etsy, which has stumbled 26% in the past three months. The stock had been a stay-at-home darling at the beginning of the pandemic, but a rotation toward reopening stocks has hit hard.
“In near term, they’re suffering from pandemic success. They grew so strong and so fast through the pandemic that it’s going to be very difficult for them to keep that going, and that’s basically what CFO Rachel Glaser came out and said and it really disappointed the entire market,” said Gina Sanchez, CEO of Chantico Global and chief market strategist at Lido…