This share surged 1,900 per cent for all the wrong reasons

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Penny stock Nestor saw its share price soar nearly 1,900 per cent yesterday after investors mistook it for Nest, the home automation firm acquired by Google for £3.2bn on Monday.

Share price for Nestor, a US-listed company that sells automated traffic enforcement systems, closed yesterday at $0.03 a share following the dramatic spike.

(Google)

Confusion around similarly named stocks – such as penny stock Nestor, which trades with the ticker NEST, and Nest – is not a new phenomenon, last year Tweeter Home Entertainment saw its share price rocket 1,500 per cent after being mistaken for social network Twitter.