Chase Coleman (Trades, Portfolio), founder of alternative money management business Tiger Global Management, added Etsy Inc. (ETSY, Financial) to his slew of Internet-based stocks according to filings released Monday and reported on GuruFocus Real Time Picks.
The stake Coleman disclosed consisted of 10 million shares and represented 8.9% of the company. Etsy, the online marketplace selling homemade and vintage items, held its IPO on April 21, pricing 16.7 million shares at $16 each. The company’s share price closed Monday at $14.86 per share, down 50% from its post-IPO high.
Coleman founded his firm in 2001 after being a technology analyst at Julian Robertson (Trades, Portfolio)’s Tiger Management.
For the first quarter, Etsy announced $58.5 million in revenue, a 44.4% increase from the first period last year, driven by growth in its marketplace and seller services revenue. Its net loss was $36.6 million, compared to a net loss of $0.5 million in the same period last year. The company had cash and marketable securities of $293.5 million as of April 30, including $194.2 million in proceeds from the IPO.
It also reported 1.4 million active sellers and 20.8 million active buyers at the end of the quarter.
Etsy joins other online business stakes in Coleman’s portfolio, such as Twitter Inc. (TWTR, Financial), Autohome Inc. (ATHM, Financial), Priceline Group Inc. (PCLN, Financial) and JD.com Inc. (JD, Financial), his second largest position.
