Wedbush Reaffirms “Outperform” Rating for Overstock.com (NASDAQ:OSTK)

Posted by on Apr 25th, 2023

Wedbush reiterated their outperform rating on shares of Overstock.com (NASDAQ:OSTK – Get Rating) in a report issued on Friday morning, Benzinga reports. They currently have a $26.00 price target on the stock.

Several other research analysts also recently commented on OSTK. Jefferies Financial Group started coverage on shares of Overstock.com in a report on Friday, January 13th. They issued a hold rating and a $20.00 target price on the stock. Needham & Company LLC lowered shares of Overstock.com from a buy rating to a hold rating in a research report on Wednesday, January 4th. TheStreet lowered shares of Overstock.com from a c- rating to a d+ rating in a research report on Friday, March 10th. StockNews.com began coverage on shares of Overstock.com in a research note on Thursday, March 16th. They set a sell rating on the stock. Finally, Piper Sandler cut shares of Overstock.com from an overweight rating to a neutral rating and decreased their price objective for the stock from $29.00 to $19.00 in a research note on Friday. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $34.14.

Overstock.com Price Performance

NASDAQ OSTK opened at $18.17 on Friday. Overstock.com has a 12 month low of $17.05 and a 12 month high of $39.24. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.13. The firm has a market capitalization of $821.10 million, a PE ratio of -22.16 and a beta of 3.35. The company’s 50 day simple moving average is $19.47 and its 200 day simple moving average is $21.60.

Overstock.com (NASDAQ:OSTK – Get Rating) last posted its quarterly earnings data on Wednesday, February 22nd. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $404.90 million during the quarter, compared to analyst estimates of $448.66 million. During the same period in the prior year, the business posted $0.36 EPS. The company’s revenue for the quarter was down 33.9% on a year-over-year basis. As a group, equities research analysts forecast that Overstock.com will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Overstock.com news, insider Eric Glen Nickle sold 2,000 shares of the stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $17.19, for a total transaction of $34,380.00. Following the completion of the sale, the insider now directly owns 15,434 shares in the company, valued at approximately $265,310.46. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Overstock.com news, insider Eric Glen Nickle sold 2,000 shares of Overstock.com stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $17.19, for a total transaction of $34,380.00. Following the transaction, the insider now owns 15,434 shares of the company’s stock, valued at approximately $265,310.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Barclay F. Corbus sold 2,334 shares of Overstock.com stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $21.15, for a total transaction of $49,364.10. Following the completion of the sale, the director now directly owns 50,273 shares in the company, valued at approximately $1,063,273.95. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Overstock.com

Several hedge funds have recently added to or reduced their stakes in OSTK. BlackRock Inc. grew its holdings in Overstock.com by 25.3% in 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. Vanguard Group Inc. raised its position in Overstock.com by 5.3% in the third quarter. Vanguard Group Inc. now owns 4,194,008 shares of the company’s stock worth $102,123,000 after acquiring an additional 212,866 shares during the period. State Street Corp raised its position in Overstock.com by 2.4% in the second quarter. State Street Corp now owns 1,049,581 shares of the company’s stock worth $26,250,000 after acquiring an additional 24,612 shares during the period. Morgan Stanley raised its position in shares of Overstock.com by 27.2% during the 4th quarter. Morgan Stanley now owns 841,178 shares of the company’s stock valued at $16,285,000 after purchasing an additional 179,870 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Overstock.com by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 833,995 shares of the company’s stock valued at $16,146,000 after purchasing an additional 19,892 shares during the period. 62.13% of the stock is owned by institutional investors.

About Overstock.com

(Get Rating)

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.

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