2023-03-08 14:26:57 ET
Etsy ( NASDAQ: ETSY ) posted one the biggest drops in the S&P 500 Index on Wednesday with a 4.40% decline in later afternoon trading.
The online retail stock has been highly sensitive in general to concerns around demand and took a turn lower with new February app usage data coming out mixed for e-commerce retailers. Etsy ( ETSY ) also tends to underperform on general risk-off market days when interest rates worries dominate.
Looking past the near-term turmoil, Morgan Stanley has its eyes on the $6T AI opportunity that may be up for grabs for e-commerce companies like Etsy ( ETSY ) with consumer behavior and business transformations expected down the road. The firm places Etsy ( ETSY ) near the top of the list of retail sector players that could benefit by seeing improving search and discovery functionalities lead directly to higher conversion rates.
Shares of Etsy traded at a new 2023 low of $107.96 earlier in the session, but are still comfortably ahead of the 52-week low of $67.01.
Read the latest breaksdowns on Etsy ( ETSY ) from Seeking Alpha contributors.
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Etsy drops to 2023 low as jittery trading comes back