Overstock.com (NASDAQ:OSTK) Receives “Outperform” Rating from Wedbush

Wedbush reissued their outperform rating on shares of Overstock.com (NASDAQ:OSTK) in a research report released on Wednesday, MarketBeat Ratings reports. Wedbush currently has a $43.00 target price on the stock.

Several other equities research analysts have also commented on OSTK. Bank of America boosted their price objective on shares of Overstock.com from $24.50 to $35.00 in a research report on Thursday, July 6th. Piper Sandler upped their target price on Overstock.com from $20.00 to $35.00 and gave the company a neutral rating in a research note on Thursday, July 27th. Jefferies Financial Group upped their target price on Overstock.com from $19.00 to $32.00 in a research note on Friday, June 30th. DA Davidson reduced their target price on shares of Overstock.com from $92.00 to $87.00 in a report on Friday, July 28th. Finally, StockNews.com assumed coverage on Overstock.com in a research note on Thursday, August 17th. They set a sell rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $39.86.

Overstock.com Price Performance

Shares of OSTK opened at $20.99 on Wednesday. Overstock.com has a twelve month low of $17.05 and a twelve month high of $39.27. The stock’s 50 day moving average is $30.04 and its two-hundred day moving average is $23.34. The firm has a market capitalization of $948.75 million, a PE ratio of -6.97 and a beta of 3.61. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.06.

Overstock.com (NASDAQ:OSTK) last issued its earnings results on Thursday, July 27th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. The company had revenue of $422.20 million for the quarter, compared to analyst estimates of $409.64 million. Overstock.com had a negative net margin of 8.17% and a negative return on equity of 0.25%. The business’s revenue was down 20.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 EPS. Research analysts anticipate that Overstock.com will post -0.89 earnings per share for the current year.

Insider Activity at Overstock.com

In other Overstock.com news, CTO Joel Weight sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.25, for a total value of $90,625.00. Following the completion of the transaction, the chief technology officer now owns 12,373 shares in the company, valued at approximately $448,521.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CTO Joel Weight sold 2,500 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.25, for a total value of $90,625.00. Following the completion of the transaction, the chief technology officer now directly owns 12,373 shares in the company, valued at $448,521.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Benjamin Nettles, Jr. purchased 2,052 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average cost of $24.68 per share, with a total value of $50,643.36. Following the completion of the acquisition, the director now owns 10,385 shares in the company, valued at approximately $256,301.80. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Overstock.com

Several hedge funds and other institutional investors have recently bought and sold shares of OSTK. Brown Brothers Harriman & Co. purchased a new stake in Overstock.com during the 2nd quarter worth approximately $26,000. Covestor Ltd increased its position in shares of Overstock.com by 48.1% in the 2nd quarter. Covestor Ltd now owns 994 shares of the company’s stock worth $33,000 after purchasing an additional 323 shares during the last quarter. Tobam bought a new stake in shares of Overstock.com in the 2nd quarter worth about $34,000. FMR LLC increased its position in shares of Overstock.com by 40.0% in the 1st quarter. FMR LLC now owns 1,758 shares of the company’s stock worth $36,000 after purchasing an additional 502 shares during the last quarter. Finally, Captrust Financial Advisors increased its position in shares of Overstock.com by 61.7% in the 2nd quarter. Captrust Financial Advisors now owns 1,677 shares of the company’s stock worth $42,000 after purchasing an additional 640 shares during the last quarter. 71.35% of the stock is currently owned by hedge funds and other institutional investors.

About Overstock.com

Overstock.com, Inc operates as an online retailer in the United States. It offers furniture, décor, area rug, bedding and bath, home improvement, outdoor, and kitchen and dining items. The company provides its products and services through its internet websites comprising overstock.com, o.co, overstock.ca, and overstockgovernment.com.