Etsy’s shares have rocketed nearly 10 per cent after Tesla founder Elon Musk tweeted his praise for the online marketplace.
Musk took to Twitter yesterday to post simply that “I kinda love Etsy”, explaining later that he had just purchased a hand knitted woolen Marvin the Martian helmet for his dog.
This sent Etsy’s stock jumping 8.6 per cent, hitting intraday trading records and making it the best performing company in the S&P 500 when markets opened.
I kinda love Etsy
— Elon Musk (@elonmusk) January 26, 2021
It comes amid a week of volatile trading on the stock market, with companies like video game retailer GameStop also seeing huge unexpected gains.
While this is not the first time Musk’s tweets have had a significant affect on the stock market, it came as financial giant Jefferies separately raised its target price for Etsy from $245 to $205.
“We believe behavioral changes incited by the pandemic allow Etsy to tap a broader portion of its $1.7T addressable market, leading to higher frequency and spending,” Jefferies analyst John Colantuoni told clients.
Etsy has already emerged as one of the best performing stocks over the past year, seeing stock prices jump more than 300 per cent.