Shares of Etsy (ETSY), an e-commerce site for creative and vintage goods, are jumping after two activist investors disclosed activist stakes in the company.

STAKES DISCLOSED: After the close on Monday, TPG Group and Dragoneer Investment Group jointly reported an 8% stake in the company. Both TPG and Dragoneer, disclosed their stakes of 4.3% and 3.7%, respectively, while informing investors that they've asked Etsy "to engage in discussions regarding strategic alternatives."

ETSY RESPONSE: Following the report of the activist stakes, Etsy said in a statement that it values constructive engagement with its shareholders and is focused on maximizing value for all shareholders. Josh Silverman, CEO of Etsy, said "We are now reviewing our strategic and operational plans to ensure Etsy is focused on the most value-enhancing near- and long-term opportunities."

DOWN SINCE IPO: The shares of the craft good marketplace have fallen steadily since its IPO in mid April of 2015. The stock hit its high back in April of 2015, briefly trading as high as $36 per share, but quickly came back to earth to trade as low as $6.04 per share at the beginning of 2016, down over 80%. Shares were the victim of competition from Amazon (AMZN), and eBay (EBAY). Prior to its trading low back in January 2016, Roth Capital put a Sell rating on shares in late December 2015, saying "the rapid growth in Etsy seller services is masking decelerating growth in active sellers, gross merchandise sales, and marketplace revenue, which collectively are a truer measure of health of its marketplace."

IMPROVING PROSPECTS: The prospects for the e-commerce company seemed to improve by the summer of 2016, prompting a positive note from Citigroup analyst Mark Kelley, who recommended the stock with a target price of $14 a share. The analyst said the company has developed a strong brand for its "quirky" products. Kelley argued at the time that the average analyst estimate for its Seller Services business -- the additional marketing and sales services bought by its numerous small vendors -- is "far too conservative."

CALL FOR STRATEGIC REVIEW: On May 2, Etsy reported first quarter financial results that missed on the top and bottom lines. Hours before it reported its results in early May, black-and-white Capital, owner of over 2M Etsy shares, or 2% of the company, issued a press release expressing its concerns regarding the "destruction of shareholder value" since the company's initial public offering in April 2015. black-and-white released two letters that it previously sent to Etsy's board, highlighting the "steep deceleration" of gross merchandise sales growth, areas for operational improvements, "poor" corporate governance and the "necessity of exploring strategic alternatives in order to maximize value for all shareholders." The firm said it believes Etsy's intrinsic value per share is set to reach $30, representing roughly 170% upside, over the next few years with operational improvements. "Based on historic transactions involving similar online marketplaces, black-and-white is confident the company could be sold today for a minimum of $15.50, or roughly 45% higher than the current market price," the firm added. Ironically, with the release of its quarterly results the company announced that it had appointed a new CEO, the previously mentioned Josh Silverman, replacing prior CEO Chad Dickerson.

PRICE ACTION: Shares of Etsy are up almost 23% to $13.89 per share in late afternoon trading.