Shortly after Google (NASDAQ: GOOG) acquired Nest Lab for $3.2 billion earlier this week, we have another case of the Tweeter (NASDAQ: THEGQ) and Twitter (NYSE: TWTR) confusion. Just last year, prior to Twitter’s IPO, many traders confused the Tweeter Home Entertainment Group which formerly traded under the ticker symbol ‘TWTRQ’ as Twitter. Shares splurged up to more than 1000% with more than 14.3 million shares traded.
Nestor Inc. trading on the OTC under the ticker NEST is a company specializing in providing automated traffic enforcement systems and services to local officials within the United States and Canada. The company is typically traded over the counter, and has been inactive until Tuesday.
Yesterday, traders confused Nestor as the smart appliance marker, Nest Lab, which is not publicly traded. Nestor’s shares splurged up by 1900% reaching a high of $0.15 from the sub-penny range. Nestor reached up to a trading volume of 2.26 million, indicating a decent amount to people made the same mistake.