Etsy stock surges after praise from Google

Etsy Inc (NASDAQ:ETSY) is taking off after a Google Inc (NASDAQ:GOOGL) executive unexpectedly mentioned the e-commerce site during a post-earnings conference call.

“Developers like Etsy are fully consulting a improvement in site visitors because of immersed between”, Kordestani said.

Speaking during Google’s second-quarter earnings call late Thursday, Chief Business Officer Omid Kordestani said Google has had success helping searchers find what they need within third-party apps via indexing.

Suggesting a major increase in bets by short sellers against Etsy, borrowing volume for its shares jumped 62 percent in early July, according to SunGard’s Astec Analytics.

Bloomberg Business notes in a recent report on the matter that the sudden spike may be creating a short squeeze in which trades betting against the company have to cover their positions at the higher price, resulting in swings in the stock. The company made its debut on the Nasdaq on April 16.

“It begun with the use of (the) Google piece of writing overnight”, Wedbush expert Gil Luria said, including that in fact little retailers last their ealier wagers were really introducing the top off further.

Shares of online arts and crafts specialist Etsy are up just over 20% at $20.20 as of 1:13 PM EDT Friday.

Etsy offers a platform for artists to sell their homemade and vintage products, which range from jewelry and other apparel to wall art. GOOG stock is up 14.7% and GOOGL stock is up 16.4%. The 12-month consensus target price on the stock is $18.