Overstock.com’s (OSTK) “Buy” Rating Reaffirmed at Maxim Group
“We expect 3Q18 revenue growth of 3% y/y with better contribution from OSTK’s marketing and search engine optimization (SEO) efforts starting to stabilize and a significant improvement in sequential non-GAAP loss per share due to a ratcheting down of sales and marketing expenses.”,” the firm’s analyst wrote.
Several other analysts have also commented on OSTK. BidaskClub lowered shares of Overstock.com from a hold rating to a sell rating in a report on Thursday, August 2nd. DA Davidson raised their price objective on shares of Overstock.com from $90.00 to $112.00 and gave the stock a buy rating in a report on Friday, August 10th. GARP Research started coverage on shares of Overstock.com in a report on Thursday, September 6th. They issued a neutral rating for the company. Finally, ValuEngine lowered shares of Overstock.com from a buy rating to a hold rating in a report on Friday, September 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $75.00.
Overstock.com (NASDAQ:OSTK) last issued its quarterly earnings data on Thursday, November 8th. The company reported ($1.55) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by ($0.69). Overstock.com had a negative return on equity of 95.14% and a negative net margin of 11.74%. The company had revenue of $440.60 million during the quarter, compared to analysts’ expectations of $443.13 million. During the same quarter last year, the business earned ($0.03) earnings per share. The business’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, equities research analysts predict that Overstock.com will post -5.43 EPS for the current year.
In other Overstock.com news, CEO Patrick Byrne sold 147,499 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $25.65, for a total transaction of $3,783,349.35. Following the completion of the transaction, the chief executive officer now owns 1,050,023 shares of the company’s stock, valued at $26,933,089.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Carter Paul Lee sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $30.15, for a total transaction of $39,195.00. Following the transaction, the senior vice president now directly owns 4,835 shares of the company’s stock, valued at approximately $145,775.25. The disclosure for this sale can be found here. Insiders sold 927,102 shares of company stock valued at $23,964,391 over the last 90 days. 28.90% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Overstock.com by 40.1% during the second quarter. BlackRock Inc. now owns 1,543,190 shares of the company’s stock valued at $51,928,000 after purchasing an additional 442,091 shares in the last quarter. Millennium Management LLC increased its stake in shares of Overstock.com by 429.1% during the second quarter. Millennium Management LLC now owns 470,244 shares of the company’s stock valued at $15,824,000 after purchasing an additional 381,369 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of Overstock.com by 20.2% during the third quarter. Penserra Capital Management LLC now owns 439,683 shares of the company’s stock valued at $12,178,000 after purchasing an additional 74,005 shares in the last quarter. Northern Trust Corp increased its stake in shares of Overstock.com by 30.7% during the second quarter. Northern Trust Corp now owns 269,826 shares of the company’s stock valued at $9,079,000 after purchasing an additional 63,396 shares in the last quarter. Finally, CSat Investment Advisory L.P. bought a new stake in shares of Overstock.com during the second quarter valued at approximately $6,802,000. 57.17% of the stock is owned by institutional investors and hedge funds.
Overstock.com, Inc operates as an online retailer in the United States. It operates in two segments, Direct and Partner. The company offers home and garden products, including furniture, home decor, garden and patio, kitchen and dining, bedding, home improvement, housewares, and other related products; jewelry and watches; clothing and accessories; electronics and computers; artisan-crafted products; and other products.
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