E-commerce platform Etsy Inc (NASDAQ: ETSY) is reportedly poised for substantial upside, according to Elliott Investment Management managing partner Jesse Cohn.
Cohn, speaking at the Sohn Conference in New York, expressed confidence in Etsy's potential for significant long-term gains, reported Reuters.
Elliott, a major investment firm, holds a 13% economic interest in Etsy, comprising common shares and swaps, as per the report.
Cohn revealed that Elliott's stake in the company exceeds 10%, emphasizing the ample opportunity for product engagement and monetization within Etsy's platform.
Cohn drew parallels between Etsy and Pinterest Inc. (NYSE: PINS), another company in which Elliott has a vested interest.
He highlighted Etsy's capability to expand its customer base and boost user spending, akin to strategies implemented successfully by Pinterest.
Etsy's recent appointment of Elliott's portfolio manager Marc Steinberg to its board underscores the close relationship between the two entities, signaling a collaborative effort to drive strategic initiatives forward.
Price Action: ETSY shares traded higher by 2.31% at $66.67 on the last check Thursday.