NEW YORK (TheStreet) -- Etsy (ETSY) - Get Etsy, Inc. Report stock is falling by 10.14% to $7.53 in afternoon trading on Monday, as a lockup agreement for roughly 21.9 million shares expires today.

The stock is trading at its lowest level since its market debut on April 16 as early investors unload shares, Bloomberg reports. Shares are trading at less than half their initial public offering price of $16 and a fourth of the $30 closing price on their first day of trading.

"The challenges facing the company continue to linger -- it's fairly valued at this point," James Cakmak, an analyst for Monness, Crespi, Hardt & Co., told Bloomberg. "There's still value there but it's an uphill battle, so I'm not surprised that there's pressure following the lockup expiry."

The next lockup expiration is on April 10, according to MarketWatch.

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Based in Brooklyn, NY, Etsy operates a marketplace where people connect, both online and offline, to make, sell and buy goods.

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