Stock of online marketplace Etsy surges in trading debut
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, which is based in DUMBO, surged in opening trading on the Nasdaq Thursday. After pricing at $16 late Wednesday the stock opened at nearly double that, and hit a high of $35.73 in morning trading. The company is valued at $3.33 billion, based on afternoon trading just shy of $30.
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.