On September 21, 2023, BTIG Research released a research report on Overstock.com (NASDAQ:OSTK), providing their analysis and initiating coverage on the company’s shares. The firm assigned a “neutral” rating to the stock.
As of Thursday’s opening, OSTK traded at $17.95. The stock has shown a 50-day simple moving average of $27.91 and a 200-day simple moving average of $23.35. Its market capitalization stands at $811.34 million with a P/E ratio of -5.96 and a beta value of 3.61. Overstock.com has seen its share price fluctuate between its 1-year low of $17.05 and its 1-year high of $39.27. The company boasts a debt-to-equity ratio of 0.06, quick ratio of 1.94, and current ratio of 1.97.
Analyzing the investment activity surrounding Overstock.com, it is notable that hedge funds have been active in buying and selling shares of the company recently. Brown Brothers Harriman & Co., for instance, acquired a new stake in OSTK during the second quarter valued at $26,000. Covestor Ltd increased its holdings by 48.1% during the same period, now owning 994 shares valued at $33,000 after purchasing an additional 323 shares in Q2.
Other investors include Tobam, which acquired a new stake in Overstock.com worth $34,000 during the second quarter, and FMR LLC that grew its holdings by 40% during the first quarter to own 1,758 shares valued at $36,000 after purchasing an additional 502 shares.
Lastly, Captrust Financial Advisors experienced significant growth in its holdings by acquiring an additional 640 shares during Q2 after which it owned a total of 1,677 shares valued at $42,000. It is worth mentioning that 71.35% of the stock is owned by hedge funds and other institutional investors.
Overstock.com announced its earnings results on Thursday, July 27th. The company reported earnings per share (EPS) of ($0.02) for the quarter, surpassing analysts’ consensus estimates of ($0.09) by $0.07. Overstock.com’s revenue for the quarter amounted to $422.20 million compared to market expectations of $409.64 million.
The negative return on equity of 0.25% and negative net margin of 8.17% reflect certain challenges faced by the business during this period. Notably, the company witnessed a decline in revenue by 20.1% year-over-year. In the same quarter of the previous year, Overstock.com had earned an EPS of $0.19.
Analysts project that Overstock.com will likely post earnings per share of -1.38 for the current fiscal year.
In conclusion, according to BTIG Research’s coverage initiation report on September 21, 2023, they have assigned a “neutral” rating to Overstock.com (NASDAQ:OSTK). The report provided several key financial metrics such as OSTK’s stock price performance, market capitalization, and investment activity from hedge funds and institutional investors alike. The company’s recent earnings report was also analyzed in terms of EPS and revenue figures compared to analysts’ forecasts.
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The Kraft Heinz Company
Updated on: 02/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
We did not find social sentiment data for this stock
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Insider Trading and Differing Analyst Opinions Impact Overstock.com’s Outlook
On September 21, 2023, Overstock.com (OSTK) received attention from a number of research firms. Jefferies Financial Group raised their price objective for the company from $19.00 to $32.00 in their research report released on June 30th. However, it seems that not all firms shared the same optimistic outlook on Overstock.com.
DA Davidson, for instance, decreased their price objective for OSTK from $87.00 to $85.00 and maintained a “buy” rating for the company in their research report on September 6th. StockNews.com initiated coverage on Overstock.com with a “sell” rating in their report published on August 17th. Bank of America also adjusted their price target for Overstock.com and lowered it from $39.00 to $24.00 in their research report issued on September 7th.
Wedbush, however, remained confident in Overstock.com’s performance and reaffirmed an “outperform” rating while setting a price objective of $43.00 for the stock on September 6th.
According to Bloomberg, there is currently an average rating of “Hold” for Overstock.com among analysts, with a consensus target price of $38.29.
Shifting our attention to insider trading activities within the company, Director William Benjamin Nettles Jr., made significant purchases of OSTK stocks recently. On August 22nd, Nettles acquired 2,052 shares at an average cost of $24.68 per share, amounting to a total value of $50,643.36.
As a result of this acquisition, Nettles now directly owns 10,385 shares valued at approximately $256,301.80.
In addition to Nettles’ purchase activity, Chief Technology Officer Joel Weight sold 2,500 shares of Overstock.com stock on August 2nd at an average price of $36.25 per share, totaling $90,625.00. Weight now holds 12,373 shares of the company’s stock with an estimated value of $448,521.25.
These transactions were disclosed in filings with the Securities and Exchange Commission (SEC), which can be accessed on the SEC website.
Overall, it is notable that William Benjamin Nettles Jr., a director at Overstock.com, has been actively involved in buying shares of the company, while Joel Weight, the CTO, has recently sold some of his stakes.
It is crucial for investors to consider these insider activities alongside market assessments to form a comprehensive analysis of Overstock.com and its potential future performance. While research firms have varied opinions on OSTK’s prospects, it is ultimately up to individual investors to evaluate their own risk tolerance and investment strategies before making any decisions regarding Overstock.com stock.