Etsy Gets a Charge From Elon Musk Tweet - 'I Kinda Love Etsy'

Shares of Etsy get a charge after Tesla CEO Elon Musk pays homage to the online artisan website, tweeting, 'I kinda love Etsy.'
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Shares of Etsy  (ETSY) - Get Report got a nice charge on Tuesday after Tesla  (TSLA) - Get Report CEO Elon Musk paid homage to the online artisan marketplace by tweeting, "I kinda love Etsy."

Musk, known for his acerbic and provocative tweets, followed up by saying he “bought a hand knit wool Marvin the Martian helm for my dog.” The world’s richest person didn't comment further on what else he loved about Etsy, or the company’s financial prospects.

Etsy shares were 8.75% higher at $227.08 in premarket trading on Tuesday. In regular trading the stock was up 1.5% at $211.94.

Etsy shares touched a record earlier this month as the online arts and crafts retailer continues to rein in big bucks amid the coronavirus pandemic. Shares in the New York-based company have more than quadrupled in the past 12 months as consumers have flocked to its wares.

Jefferies analyst John Colantuoni earlier this month lifted his one-year target price on Etsy stock to $205 from $168 and kept his buy rating, noting website traffic for November and December almost doubled, “the highest level of growth since we first started tracking the metric two years ago” reflecting that online buying “has permanently increased.”

Source: GiftsbyTracyg on Etsy

Source: GiftsbyTracyg on Etsy

The company’s revenue doubled to $1.1 billion in the first nine months of 2020 from the year-earlier period as consumers flocked to the online retailer, not just for artisan goods but also masks and other items – including Bernie Sanders’ mittens 2021 Inauguration meme t-shirts.

Authentic Bernie Sanders mittens are currently not available on Etsy, though Etsy sellers have wasted no time conjuring up t-shirts and other items highlighting the now-famous meme, including stickers, mugs and, of course, masks.

Etsy is expected to report earnings during the last week of February. Analysts polled by FactSet are expecting per-share earnings of 68 cents on sales of $509 million.