Etsy surging after a big investor boosted stake in company
Etsy shares rallied more than 7% on Wednesday, lifted by news that Tiger Global Management has raised its stake in the company.
On Monday, a regulatory filing showed the hedge fund increased its holding of the company's stock to 8.9% of all outstanding shares from 7.3% as of mid-April.
Etsy's stock climbed to as high as $17.45 a share on Wednesday morning.
That price is still nearly half of Etsy's IPO price of around $30 per share.
The stock is now down 43% from the day it went public.
Here's a chart showing the pop in Etsy shares on Wednesday.
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