Wednesday’s Headlines: Etsy Hits Record Highs
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Tripadvisor (TRIP) +10.6%
Planet Fitness (PLNT) +6.6%
Baozun (BZUN) +5.9%
Yext (YEXT) +5.7%
Evolent Health (EVH) +5.6%
Moving Down ⬇️
Sea Limited (SE) -2.0%
Ford Motor Company (F) -2.1%
Chipotle Mexican Grill (CMG) -2.9%
Teladoc (TDOC) -3.3%
Chegg (CHGG) -4.5%
1. We have truly entered the age of e-commerce as Etsy (ETSY) becomes the latest firm to hit all-time highs amidst a global pandemic. In a comeback for the ages after Etsy lost half its value in the first three weeks of March, the vintage online store saw shares jumped 5.1% on Tuesday to a record of $101.22. Yesterday’s jump was specifically caused by analysts updating their price targets on the company, which has seen its stock price soar 124% YTD as people flock to online shopping amidst months of stay-at-home orders. Read the full report here.
2. As the old adage goes, ‘it’s either a feast or a famine’ with Apple (AAPL), as the giant soared to its sixth record close ($366.53) this month. Much of this week’s rise has been thanks to the company’s successful WWDC conference which revealed that the iPhone maker would be using its own processing chips in Mac computers from now on, ditching long-term partner Intel (INTC). Apple has recovered well in the past three months, rising 63% in that time, compared to the Dow Jones’ 41% jump in the same period. Get the complete story here.
3. It’s been an up and down week for Chegg (CHGG), who, having hit a 52-week high on Monday, subsequently fell 4.5% on Tuesday. The education subscription service has been on the rise since its Q1 earnings surprise of $0.22 per share last month, and despite yesterday’s dip, it is still up 71% YTD. However, analysts and investors alike believe that the company’s stock price is getting ahead of itself as it was trading at 58X current fiscal year EPS estimates, leading to a sell-off yesterday. Get the complete story here.