ETSY - Etsy stock opened 11% up on Thursday: explore why

2024-02-01 09:27:14 ET

Etsy Inc (NASDAQ: ETSY) just named Marc Steinberg – partner at Elliott Investment Management – to its board. Shares of the eCommerce giant are up 11% at writing.

Who is Marc Steinberg?

Steinberg is responsible for equity investments across several industries, including tech, media, and telecom at the investment management firm.

He serves as a director at Pinterest as well.  Josh Silverman – the chief executive of Etsy said in a press release today:

We’ve gotten to know Marc and appreciate his passion for Etsy’s mission and excitement about the future growth opportunities for all of our stakeholders.

The news arrives more than a month after Etsy said it will lower its headcount by 11% to cut costs as Invezz reported here . Shares of the Brooklyn-headquartered firm are now down about 50% versus their 52-week high.

Etsy will soon report its Q4 earnings

Marc Steinberg will assume the responsibility at Etsy Inc on February 5 ^th – when he’ll join its board’s Audit Committee as well.

The Nasdaq-listed firm will now have nine independent directors on its board and ten members in total. It has added three directors to its board since 2018.

Etsy Inc is scheduled to report its financial results for the fourth quarter in the final week of February. Consensus is for it to earn 78 cents a share versus 77 cents per share a year ago.

Last month, analysts at Morgan Stanley said shares of the online retailer could crash to $66 in 2024. That’s where the stock was trading before today.

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