When online marketplace Etsy came public a little over a year ago, Jim Cramer dismissed it as a hippy-dippy outfit that didn't seem to be concerned with making a profit. Now, that view has changed.
"After the spectacular quarter Etsy reported last night, I think the stock is absolutely worth speculating on," the "Mad Money" host said.
Etsy is the marketplace for unique handmade goods and was one of last year's worst performing IPOs, among many IPOs that were horrible. It went public in April last year and spiked to $30 on the first day of trading. After that, it was all downhill.
In the first few quarters as a public company Etsy's revenue growth decelerated, expenses grew and the stock fell, hitting as low as $6 on Jan. 20.
Since then, Etsy has gotten its mojo back. It reported a strong beat on Tuesday and posted its first quarterly profit since the IPO, hence why it shot up 5 percent on Wednesday.