Overstock.com (NASDAQ:OSTK) Stock Rating Lowered by Piper Sandler

Posted by Defense World Staff on Apr 23rd, 2023

Overstock.com (NASDAQ:OSTK – Get Rating) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Friday, The Fly reports. They currently have a $19.00 target price on the stock, down from their prior target price of $29.00. Piper Sandler’s price target suggests a potential upside of 6.38% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group started coverage on Overstock.com in a report on Friday, January 13th. They issued a “hold” rating and a $20.00 price target for the company. StockNews.com initiated coverage on Overstock.com in a report on Thursday, March 16th. They issued a “sell” rating for the company. Needham & Company LLC cut Overstock.com from a “buy” rating to a “hold” rating in a research report on Wednesday, January 4th. Barclays reduced their price objective on Overstock.com from $23.00 to $19.00 and set an “equal weight” rating for the company in a research report on Thursday, February 23rd. Finally, Wedbush reduced their price objective on Overstock.com from $42.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, February 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Overstock.com has an average rating of “Hold” and an average price target of $34.14.

Overstock.com Trading Down 5.6 %

NASDAQ OSTK opened at $17.86 on Friday. The stock has a 50-day simple moving average of $19.54 and a 200 day simple moving average of $21.69. The company has a market capitalization of $807.09 million, a PE ratio of -21.78 and a beta of 3.35. The company has a current ratio of 2.17, a quick ratio of 2.13 and a debt-to-equity ratio of 0.05. Overstock.com has a 12 month low of $17.05 and a 12 month high of $39.24.

Overstock.com (NASDAQ:OSTK – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.07). Overstock.com had a positive return on equity of 3.31% and a negative net margin of 1.83%. The business had revenue of $404.90 million during the quarter, compared to the consensus estimate of $448.66 million. During the same quarter last year, the company earned $0.36 earnings per share. The firm’s revenue was down 33.9% compared to the same quarter last year. Research analysts forecast that Overstock.com will post -0.11 EPS for the current year.

Insider Activity at Overstock.com

In other Overstock.com news, Director Barclay F. Corbus sold 2,334 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $21.15, for a total value of $49,364.10. Following the sale, the director now owns 50,273 shares in the company, valued at $1,063,273.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Overstock.com news, Director Barclay F. Corbus sold 2,334 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $21.15, for a total value of $49,364.10. Following the sale, the director now owns 50,273 shares in the company, valued at $1,063,273.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Glen Nickle sold 2,000 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $17.19, for a total value of $34,380.00. Following the transaction, the insider now owns 15,434 shares in the company, valued at approximately $265,310.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,934 shares of company stock valued at $96,734. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Overstock.com

A number of large investors have recently made changes to their positions in OSTK. BlackRock Inc. increased its stake in shares of Overstock.com by 25.3% during the third quarter. BlackRock Inc. now owns 4,480,659 shares of the company’s stock worth $109,105,000 after purchasing an additional 905,863 shares during the period. Two Sigma Investments LP bought a new position in Overstock.com during the 3rd quarter worth $9,945,000. Renaissance Technologies LLC increased its stake in Overstock.com by 1,436.0% during the 2nd quarter. Renaissance Technologies LLC now owns 396,300 shares of the company’s stock worth $9,911,000 after acquiring an additional 370,500 shares during the period. Norges Bank bought a new position in Overstock.com during the 4th quarter worth $6,985,000. Finally, Citadel Advisors LLC increased its stake in Overstock.com by 1,672.2% during the 3rd quarter. Citadel Advisors LLC now owns 375,437 shares of the company’s stock worth $9,142,000 after acquiring an additional 354,252 shares during the period. Institutional investors own 62.13% of the company’s stock.

About Overstock.com

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Overstock.com, Inc operates an online shopping 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.