If you've been watching Etsy Inc. (ETSY) over the past couple of years, you probably haven't been having much fun. The vintage and handmade goods marketplace has been stuck in neutral while the broader e-commerce world, including rival Amazon.com Inc. (AMZN), has been racing ahead. But something appears to be shifting.

Shares of the platform managed only a 4.39% gain last year, the kind of performance that makes you wonder why you didn't just park your money in a savings account. For a stock that once captured investors' imaginations, it's been a frustrating stretch of underperformance against both peers and benchmarks.

Reading the Momentum Tea Leaves

Here's where things get interesting. Etsy's Momentum score, which evaluates a stock's strength by analyzing price movements and volatility across multiple timeframes before ranking it against other stocks, has surged from 32.82 to 47.16 in just a week. That's not nothing.

The stock is sitting comfortably within its 52-week range while trending upward, suggesting the market might be done with its extended period of indecision. After months of modest returns and general malaise, this consolidation pattern could signal that buyers are starting to show up again.

Putting Money Where Their Mouth Is

The momentum spike didn't happen in a vacuum. Last month, Etsy announced a fresh $750 million share repurchase program, which comes on top of $200 million in pending authorizations. When a company commits nearly a billion dollars to buying back its own stock, it's usually a sign that management thinks the shares are undervalued.

As of Wednesday's close, Etsy shares were up 0.14% at $55.44, and ticked up another 0.69% in after-hours trading. The stock's momentum metrics show it's performing reasonably well in the short, medium, and long terms, though the overall price trend remains somewhat challenged. Still, for a stock that's been asleep for so long, any signs of life are worth watching.