On Wednesday, the stock of the online craft marketplace was down 3% at around $15.26 per share. What's more remarkable is that it's now down nearly 50% from the IPO on April 16.
Etsy's first day was massive. The stock spiked 87%, closing at $30 after its IPO priced at $16 per share the previous night.
Since the public debut, we've seen that the company is leaking cash.
Shares tanked 24% after it reported a net loss of $0.84 per share in the first quarter. The company said the loss was due to corporate restructuring and foreign currency loses.
Before that, analysts at Wedbush put out a note with extensive research showing an apparent problem with counterfeit goods on Etsy. Their research found over 2 million listings for products with brand names ranging from Star Wars to car companies.
They noted that if brands start to actively police listings on Etsy, the company's listing and commission fees could fall, causing an up to 20% hit to revenues.
On a conference call, CEO Chad Dickerson told analysts that the company has in fact been "too aggressive" in taking down fake products.
But perhaps the biggest threat to Etsy that we've seen since it went public has been Amazon's plans to create a direct competitor.
Amazon Handmade would have a big advantage over Etsy through its existing distribution network, and its nearly 300 million active accounts (versus Etsy's 20 million.)
Amazon is already conducting a survey of potential sellers while it develops the product. And meanwhile, Etsy shares aren't holding up.
Here's what Etsy's full slide looks like:
Google Finance