NEW YORK (TheStreet) -- Etsy (ETSY) shot out of the IPO starting gate Thursday, more than doubling its share price before ending the day slightly below a 100% gain from its initial public offering price. Online streaming video site Netflix (NFLX - Get Report) surged by double digits after surpassing Wall Street's expectations for subscriber growth. Memory chipmaker SanDisk (SNDK - Get Report)plunged after its first-quarter earnings miss and cutting its forecast.Etsy soared 87.5% to close at $30.
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The online marketplace for craftmakers initially priced its IPO at $16 a share late Wednesday. During intra-day trading Thursday, Etsy rose as high as $35.74 before settling back to finish the day slightly under a 100% gain.
When Etsy set its IPO price at $16, some investors and analysts were a little skeptical, given the 10-year-old company had posted a $15.2 million loss last year even though its revenue climbed 56%.
When Etsy set its IPO price at $16, some investors and analysts were a little skeptical, given the 10-year-old company had posted a $15.2 million loss last year even though its revenue climbed 56%.
Netflix surged 18.2% to close at $562.05.
The shares hit an all-time high, after the online streaming video company surpassed its previous forecast for first quarter subscriber growth. Netflix added a record 4.9 million new subscribers and ended the quarter with a total of nearly 62.3 million subscribers.
During the quarter, Netflix posted net income of 38 cents a share on revenue of $1.57 billion. Without the foreign exchange impact, Netflix earned 77 cents a share. That beat analysts expectations of earnings of 69 cents on revenue of $1.57 billion.
Analysts, meanwhile, are raising Netflix price targets, according to a report in the San Jose Mercury News. FBR Capital Markets raised its target to $900, while RBC Capital Markets upped it to $600.
The shares hit an all-time high, after the online streaming video company surpassed its previous forecast for first quarter subscriber growth. Netflix added a record 4.9 million new subscribers and ended the quarter with a total of nearly 62.3 million subscribers.
During the quarter, Netflix posted net income of 38 cents a share on revenue of $1.57 billion. Without the foreign exchange impact, Netflix earned 77 cents a share. That beat analysts expectations of earnings of 69 cents on revenue of $1.57 billion.
Analysts, meanwhile, are raising Netflix price targets, according to a report in the San Jose Mercury News. FBR Capital Markets raised its target to $900, while RBC Capital Markets upped it to $600.
SanDisk plunged 4.5% to end the session at $67.91.
The memory chip maker got hit after missing its first-quarter expectations and from lowering its full-year revenue outlook. As a result, a number of analysts issued the company downgrades and price target cuts, according to a Investor's Business Daily report.
Pacific Crest Securities lowered its SanDisk price target to $75 from $82, while Citigroup, Deutsche Bank, Susquehanna, Credit Suisse and Raymond James were among the investment banks that downgraded the company, according to Investor's Business Daily.
During the first quarter, SanDisk posted a net profit of 17 cents a share on revenue of $1.3 billion. Wall Street was expecting SanDisk to earn 37 cents on revenue of $1.3 billion, according to a Financial Times report.
Pacific Crest Securities lowered its SanDisk price target to $75 from $82, while Citigroup, Deutsche Bank, Susquehanna, Credit Suisse and Raymond James were among the investment banks that downgraded the company, according to Investor's Business Daily.
During the first quarter, SanDisk posted a net profit of 17 cents a share on revenue of $1.3 billion. Wall Street was expecting SanDisk to earn 37 cents on revenue of $1.3 billion, according to a Financial Times report.
By Dawn Kawamoto
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