LOS ANGELES (CBSLA.com/AP) — The place where you can buy handmade dresses and crocheted dog costumes has a new hot seller: its own stock.
Shares of arts and crafts retailer Etsy surged in opening trading on the Nasdaq Thursday. After pricing at $16 late Wednesday the stock opened at nearly double that level, and hit a high of $35.73 in morning trading. The stock finished at $30 per share, up 87.5 percent for the day and valuing the company at $3.33 billion.
New York-based Etsy is trading on the Nasdaq under the “ETSY” ticker.
The healthy stock surge shows that Wall Street has a big appetite for a well-known retail brand, even one that doesn’t yet make a profit. Thursday was one of the biggest days for initial public offerings so far this year, with party-store operator Party City and electronic trading firm Virtu Financial also making big debuts.
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