Ethan Allen stock is soaring as traders confuse its ticker with the identical one for ether

Ethan Allen stock is soaring as traders confuse its ticker with the identical one for ether

Shares of have surged more than 50% year-to-date and are up nearly 200% over the past year, likely due in part to trader confusion over the ticker symbol it shares with cryptocurrency ether: ETH. Ether, which works on the ethereum blockchain, has been on a tear so far this year, as a boom in bitcoin helped set the stage for an investor frenzy in other alt-coins like ether and The StockTwits investment forum is riddled with messages about the cryptocurrency rather than the furniture seller. Daily message volume on StockTwits' Ethan Allen page has surged 300% since the start of May, which coincides with a parabolic surge in ether's price. "We've definitely seen a massive increase on a percentage basis in mistaken activity on the Ethan Allen stream," StockTwits CEO Rishi Khanna told This isn't the first time investors have mistaken a ticker symbol or company name with another company that was in the news, leading to a massive price increase as retail investors created buying pressure. In January, shares of after CEO Elon Musk recommended a similarly named privacy app that was not publicly traded. And in February, tweets about audio-app Clubhouse from Musk spurred a microcap stock unrelated