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Summary
- Tesla and SpaceX founder Elon Musk sent out a tweet on Tuesday saying that he “kinda love(s)” e-commerce platform Etsy Inc.
- Etsy saw its stocks swing up by about eight per cent to a 52-week high of US$ 226.725 in intraday trading on Tuesday.
- Earlier this month, Mr Musk’s recommendation to use messaging platform Signal saw investors mistakenly cause a stock price surge for Signal Advance Inc.
Elon Musk has done it again! The Tesla and SpaceX founder sent out a tweet on Tuesday saying that he “kinda love(s)” e-commerce platform Etsy Inc (NASDAQ:ETSY, ETSY:US), following which its stocks soared.
Etsy saw its stocks swing up by about eight per cent to a 52-week high of US$ 226.725 in intraday trading on Tuesday. The stocks, however, dwindled during the day to close at US$ 204.41.
Earlier this month, Mr Musk’s recommendation to use messaging platform Signal saw investors mistakenly cause a stock price surge for medical device provider Signal Advance Inc.
What Did Elon Musk Tweet About Etsy?
Mr Musk, after expressing his “love” for Etsy Inc, explained in another tweet shared that he has purchased a Marvin the Martian merchandise for his dog. From context it can be gathered that he bought the “hand knit wool (sic)” product via Etsy.
The surge in Etsy’s stock price on Tuesday came in the midst of the dizzying rally of GameStop stocks triggered by bullish day traders pushing back against short-sellers.
©Kalkine Group 2020
Etsy Stock Performance
Etsy has carved out a niche for itself in the overcrowded biosphere of e-shopping networks with its focus on artist-centric, handcrafted and vintage items. The Brooklyn-based company was founded in 2005 has reported a stock of some 60 million items in its marketplace as of 2018.
Etsy stocks recorded a trading volume of 4.41 million in the last 10 days and that of 3.56 million in the past month.
The e-commerce stock secured a growth of nearly 15 per cent year-to-date and of over 46 per cent in the last three months. Since sinking to its lowest of US$ 31.69 (March 20) last year amid the pandemic-triggered market lows, Etsy stocks grew by about 545 per cent in the last 10 months.
Etsy Inc Latest Financials
Etsy Inc saw its revenue grow by 128.1 per cent year-over-year (YoY) to US$ 451.5 million in the third quarter ending 30 September 2020. Its gross profit was up 156.8 per cent YoY to US$ 331.3 million in Q3 2020, while its gross margin was 73.4 per cent.
With a surge in online shopping amid the pandemic, Etsy recorded a 119.4 per cent YoY increase in its gross merchandise sale (GMS) for Q3 2020.
