Wedbush Lowers Overstock.com (NASDAQ:OSTK) Price Target to $26.00

Posted by Defense World Staff on Feb 27th, 2023

Overstock.com (NASDAQ:OSTK – Get Rating) had its target price lowered by Wedbush from $42.00 to $26.00 in a report released on Thursday morning, The Fly reports. Wedbush currently has an outperform rating on the stock. Wedbush also issued estimates for Overstock.com’s Q1 2024 earnings at ($0.03) EPS, Q2 2024 earnings at $0.01 EPS, Q3 2024 earnings at $0.08 EPS, Q4 2024 earnings at $0.02 EPS and FY2025 earnings at $0.23 EPS.

OSTK has been the topic of several other research reports. Barclays dropped their price target on shares of Overstock.com from $23.00 to $19.00 and set an equal weight rating on the stock in a research report on Thursday. Jefferies Financial Group assumed coverage on shares of Overstock.com in a research report on Friday, January 13th. They set a hold rating and a $20.00 price target on the stock. DA Davidson dropped their target price on shares of Overstock.com from $98.00 to $91.00 and set a buy rating on the stock in a research report on Thursday. Piper Sandler dropped their target price on shares of Overstock.com from $34.00 to $29.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Needham & Company LLC lowered shares of Overstock.com from a buy rating to a hold rating in a research report on Wednesday, January 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Overstock.com currently has a consensus rating of Hold and an average price target of $35.57.

Overstock.com Stock Performance

NASDAQ:OSTK opened at $19.85 on Thursday. Overstock.com has a 52 week low of $17.05 and a 52 week high of $59.46. The firm has a 50 day moving average of $21.02 and a 200 day moving average of $23.97. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 2.01.

Overstock.com (NASDAQ:OSTK – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.07). The company had revenue of $404.90 million during the quarter, compared to analysts’ expectations of $448.66 million. Overstock.com had a positive return on equity of 3.24% and a negative net margin of 1.83%. The company’s quarterly revenue was down 33.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. As a group, research analysts predict that Overstock.com will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at Overstock.com

In other Overstock.com news, Director Barclay F. Corbus sold 2,334 shares of Overstock.com stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $21.15, for a total transaction of $49,364.10. Following the transaction, the director now directly owns 50,273 shares of the company’s stock, valued at $1,063,273.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Overstock.com

Institutional investors have recently bought and sold shares of the company. Trexquant Investment LP raised its stake in Overstock.com by 27.0% during the second quarter. Trexquant Investment LP now owns 22,604 shares of the company’s stock worth $565,000 after purchasing an additional 4,810 shares during the period. Russell Investments Group Ltd. purchased a new position in Overstock.com during the third quarter worth about $912,000. Seven Eight Capital LP purchased a new position in Overstock.com during the second quarter worth about $312,000. Edmond DE Rothschild Holding S.A. raised its stake in Overstock.com by 31.9% during the third quarter. Edmond DE Rothschild Holding S.A. now owns 43,309 shares of the company’s stock worth $1,055,000 after purchasing an additional 10,467 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Overstock.com by 35.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 20,242 shares of the company’s stock valued at $506,000 after acquiring an additional 5,341 shares during the period. 62.13% of the stock is owned by hedge funds and other institutional investors.

Overstock.com Company Profile

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Overstock.com, Inc operates online shopping commercial site. It also sells these products through www.overstock.com, www.o.com, and www.o.biz. It operates through the following business segments: Retail, tZERO, and MVI. The Retail Segment engages in e-commerce sales through its website. The tZERO Segment focuses on securities transaction through its broker-dealers.