Furniture retailer Ethan Allen Interiors (NYSE:ETH) has been on quite the roll this year. Indeed, ETH stock has proven to be a double-up over the past twelve months, as investors increasingly focus on pandemic reopening plays.
However, what’s intriguing about Ethan Allen is the company’s ticker symbol shares a common partner. Cryptocurrency Ethereum (CCC:ETH-USD) also happens to be listed under the ticker symbol “ETH,” which has caused confusion among some investors in the past.
Boy, wouldn’t that be a shame. Someone who bought ETH stock a year ago would have doubled their money. However, the same investment in Ethereum would have increased more than 750% over the same time frame. Thus, it appears today that Ethan Allen has decided to differentiate itself further from Ethereum to clear up any confusion between the two entities.
Let’s dive into what was announced and what investors are making of this move.
ETH Stock to Become ETD Stock
Today, Ethan Allen announced that effective Aug. 16, the company will trade under the ticker symbol “ETD” on the NYSE. As stated, this move is a bid to differentiate the company from the cryptocurrency world and have its investors focused on the company’s core business.
By doing so, the company also hopes news flow won’t get lost in the plethora of reporting on Ethereum. Indeed, competing with the world’s second-largest cryptocurrency in terms of news isn’t a battle Ethan Allen is likely to win.
Luckily, this move appears to be one investors like, with shares of ETH (soon to be ETD) stock trading approximately 1% higher today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
View more information: https://investorplace.com/2021/08/ethan-allen-waves-goodbye-to-eth-stock-symbol-thanks-to-ethereum-crypto-confusion/