Amazon.com Inc. (NASDAQ:AMZN) rival Etsy Inc. (NYSE:ETSY) starts moving after being inactive for a longer period of time, and this is already reflected in the Momentum score.
Shares of the vintage e-commerce website rose just 4.39% last year, largely lagging peers and benchmarks in recent years. However, it looks like the new year will start with new momentum.
Amazon rival sees a spike in momentum
The Momentum score in Benzinga’s Edge Stock Rankings assesses the strength of a stock, taking into account its price movements and volatility over multiple time frames, before ranking it as a percentile relative to others.
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Etsy’s Momentum score has risen from 32.82 to 47.16 in a week, with the stock firmly within its 52-week range as it continues to rise, signaling a period of consolidation or indecision in the market, after a long period of modest returns.
The stock also gained momentum after the company announced a new $750 million share repurchase program last month, adding to $200 million in pending authorizations.
Shares of Etsy rose 0.14% on Wednesday to close at $55.44, and are up 0.69% overnight. The stock is doing quite well on Momentum in Benzinga’s Edge Stock Rankings, with unfavorable price performance in the short, medium and long term. Click here for deeper insights on the stock, its peers and competitors.
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