Investors’ Concerns Affected Etsy (ETSY) in Q2

Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 5.94% gross and 5.82% net of fees in the second quarter compared to a 6.42% return for the Russell 2500 Growth Index. The quarter showed an illustration of how rapidly market sentiment can shift. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen U.S. SMID Company Growth Strategy highlighted stocks like Etsy, Inc. (NASDAQ:ETSY) in the second quarter 2023 investor letter. Headquartered in Brooklyn, New York, Etsy, Inc. (NASDAQ:ETSY) is a two-sided online marketplace that connects buyers and sellers. On August 11, 2023, Etsy, Inc. (NASDAQ:ETSY) stock closed at $76.64 per share. One-month return of Etsy, Inc. (NASDAQ:ETSY) was -17.94%, and its shares lost 34.84% of their value over the last 52 weeks. Etsy, Inc. (NASDAQ:ETSY) has a market capitalization of $9.454 billion.

Polen U.S. SMID Company Growth Strategy made the following comment about Etsy, Inc. (NASDAQ:ETSY) in its second quarter 2023 investor letter:

“Etsy, Inc. (NASDAQ:ETSY), an online marketplace for handmade and vintage goods, saw shares decline despite reporting better-than-expected results. Investors appear to be expressing concerns around a softening macro backdrop as consumer demand shifts increasingly from goods to services. We think it’s worth taking a step back to acknowledge how impressive Etsy has retained the massive growth in gross merchandise sales following the pandemic. We continue to have confidence in the long-term trajectory of the business.”

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Etsy, Inc. (NASDAQ:ETSY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Etsy, Inc. (NASDAQ:ETSY) at the end of first quarter which was 45 in the previous quarter.

We discussed Etsy, Inc. (NASDAQ:ETSY) in another article and shared the list of most undervalued retail stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.