Etsy’s stocks hit record high’s yesterday as it continues to cash in on the dramatic shift to online shopping despite recent calls for a boycott.
The online marketplace for crafts makers and independent retailers saw its stock soar more than 13 per cent on Tuesday, ending on a record high of $205.05.
This follows numerous record highs throughout December, and marks a total stock increase of nearly 350 per cent over the past year.
It came despite Etsy incurring a social media backlash, including some calls for a boycott, after it was found to be selling a t-shirt with “Camp Auschwitz” printed on it.
Despite Etsy apologising, taking the item down and banning the seller within hours of it being brought to its attention, shoppers argued the t-shirt never should have been allowed to be listed.
“We removed this item immediately when it was brought to our attention and have also banned the shop that attempted to list this item,” Etsy said.
“Items that glorify hate or violence have no place on Etsy and we are committed to keeping our marketplace safe.”
While no one specific reason drove Etsy’s stocks to record highs yesterday it is understood that a number of factors, including an expected multi-trillion-dollar stimulus package to be brought in when Joe Biden becomes president, were responsible.
Etsy also published a blog post about Valentine’s Day, in which it detailed a number of impressive growth statistics.
According to the marketplace, which makes the most amount of revenue from gifts, searches for Valentines’ cards have jumped 38 per cent over the past three months, while searches for DIY cocktail kits skyrocketed 1183 per cent.
While Etsy has not yet released sales figures from the holiday quarter, analysts have predicted a whopping 88 per cent growth in revenues.