Etsy Stock Off 37% From Post-IPO Intraday High

Shares of Etsy Inc. are down more than 7% on Wednesday, pushing them down 24% since their first day of trade on April 16. On an intraday basis, the stock move is even greater. Etsy is down nearly 37% from an intraday high of $35.74, reached on April 16, to an intraday low of $22.65 reached today. The e-commerce site, which specializes in handcrafted goods, most recently traded at $22.83. Its market cap currents sits at $2.5 billion, down from a valuation of $3.3 billion after its market debut on April 16, when the stock closed at $30 a share. The stock is still up 43% above its IPO price of $16, set earlier this month.