1stDibs.com (DIBS) unusual buy of 10,000 December $7.50/$12.50 call spreads, first notable action in the name. DIBS is a $240M online marketplace for vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion products worldwide. DIBS trades just 1.5X Cash and 2.33X Sales with shares -50% YTD. DIBS revenues are seen down 7% this year following a 25.5% jump in 2021 with growth expected to reaccelerate in 2H23 while profitability likely in 2025. Barclays started coverage at Overweight on 8/15 with a $9 target noting the niche platform with high average order values, longer sales cycles, and lower conversion and purchase frequency but it offers a new take on the traditional auction houses and by mastering the more challenging categories operationally, expansion into adjacencies should get easier over time. DIBS seems like a potential M&A fit for ETSY/EBAY given the niche offering and cheap valuation.