Etsy shares have been getting smoked since last week's crazy debut
(Reuters)
After a crazy debut, Etsy shares have been getting crushed.
The stock fell by up to 9% in trading on Monday afternoon to as low as $24.87.
Shares of the Brooklyn-based online craft marketplace are now 24% lower than their debut price of $31 per share.
The stock jumped 87% on its first day on the market and closed at $30 after its IPO priced at $16 per share the night before.
In a note Friday, Wedbush analysts said the stock was overvalued: "We believe that at 84x estimated 2015 EBITDA after the IPO, ETSY is trading well beyond the high end of any comparable group."
They maintained a "neutral" rating on the stock with a price target of $14.
Here's the slide in the share price since the pop at Thursday's debut.
(Google Finance)
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