Core Insights - Etsy experienced significant growth during the COVID-19 pandemic, but has struggled in recent years as consumer behavior normalized [1][3] - The stock has declined 47% over the past five years, resulting in a $10,000 investment shrinking to $5,300, while the S&P 500 doubled in value during the same period [2] - Gross merchandise sales on Etsy's platform reached $12.3 billion in the last 12 months, which is 9% lower than the total from 2021, indicating a decrease in buyer interest [3] - Current share prices are considered cheap, potentially attracting contrarian investors [4]