(Bloomberg) -- Etsy (NASDAQ:ETSY) shares rose as much as 11% in premarket trading after the e-commerce company earned praise from Elon Musk.
“I kinda love Etsy,” Tesla’s chief executive officer wrote in a tweet. In a follow-up post, Musk added that he had “bought a hand knit wool Marvin the Martian helm (sic) for my dog” and posted a picture of it.
Separately on Tuesday, Jefferies raised its price target on the stock to $245 from $205, writing that gross merchandise sales growth at Etsy “continues to outpace broader e-commerce.” The firm has a buy rating on the stock, and wrote that there was a “long runway to add buyers.”
The stock rose as high as $232.39 before the bell compared with Monday’s closing price of $208.81. A close at that level would be a record.
Etsy has been among the standout performers of the past several months. Based on Monday’s close, the stock is up nearly 560% off a March low, with most of the gains reflecting increased e-commerce demand in the pandemic.
This isn’t the first time Musk has talked up a company or its stock. Earlier this month, Signal Advance skyrocketed after he urged in a tweet for his followers to “use Signal.” That spurred ticker confusion among traders who bought shares in the medical-device provider instead of the closely held nonprofit Signal messaging app.
©2021 Bloomberg L.P.
