Harvest Portfolios Group Inc., a Canadian investment management firm, has announced an increase in its position in Overstock.com, Inc. (NASDAQ:OSTK) during the first quarter of this year. According to the company’s 13F filing with the Securities and Exchange Commission (SEC), Harvest Portfolios acquired an additional 20,893 shares of Overstock.com, bringing their total ownership to 41,046 shares. This represents a significant increase of 103.7%.
As of the most recent SEC filing, Harvest Portfolios’ stake in Overstock.com is valued at $832,000 or approximately 0.09% of the company’s total worth. The decision to increase their position indicates confidence in the future performance and potential growth of Overstock.com.
In other recent news involving Overstock.com, Chief Technology Officer Joel Weight sold 2,500 shares of the company’s stock on August 2nd. The average selling price was $36.25 per share, resulting in a total transaction value of $90,625. Following this sale, Mr. Weight now holds 12,373 shares directly in the company, with an estimated value of $448,521.25.
This transaction was disclosed in a filing with the SEC and can be accessed through their website for further information. It is important to note that Mr. Weight also sold an additional 2,500 shares on the same day and at the same average price-point as mentioned previously.
Furthermore, Director William Benjamin Nettles Jr., made a notable acquisition of 2,052 shares on August 22nd at an average cost of $24.68 per share. The total value of this purchase amounted to $50,643.36. Mr. Nettles now possesses 10,385 shares in Overstock.com with an estimated value of approximately $256,301.80.
These recent insider transactions highlight both buying and selling activities within the company. It is worth noting that corporate insiders now own 1.30% of Overstock.com’s stock.
As of September 14, 2023, investors and market observers will be closely monitoring any further developments and news surrounding Overstock.com, especially in light of Harvest Portfolios’ increased position and recent insider transactions. Such insights into the buying and selling activities by key individuals within the organization can help inform investment decisions and offer valuable perspectives on the company’s outlook.
DISCLAIMER: The information provided in this article should not be construed as financial advice or recommendations. Investors are advised to do their due diligence and consult with a qualified financial advisor before making any investment decisions.
Updated on: 04/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
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Overstock.com: Assessing Investor Sentiment and Financial Performance
Institutional investors and hedge funds have recently made changes to their holdings of Overstock.com, a leading online retailer. Among these investors, BlackRock Inc. increased its stake in the company by 4.1% during the first quarter, resulting in ownership of 4,774,833 shares worth $96,786,000. Vanguard Group Inc., another institutional investor, also grew its position in Overstock.com by 5.3% during the third quarter. This resulted in the ownership of 4,194,008 shares valued at $102,123,000.
Balyasny Asset Management L.P., a prominent hedge fund manager, took an even more significant leap by growing its position in Overstock.com by an astonishing 355,142.7% during the first quarter. As a result of this dramatic increase, Balyasny now owns 1,612,802 shares of the company’s stock valued at $32,691,000. State Street Corp and Geode Capital Management LLC also saw growth in their positions during recent quarters.
Analysts have not been as positive about Overstock.com’s prospects lately and some have released reports on the stock with reduced price targets and less favorable ratings. Bank of America reduced their price target on Overstock.com from $39.00 to $24.00 while DA Davidson adjusted theirs from $87.00 to $85.00 but still maintained a “buy” rating on the stock.
Piper Sandler slightly increased their price target from $20.00 to $35.00 but gave the stock a “neutral” rating instead of a more optimistic outlook. Wedbush reissued an “outperform” rating with a price objective set at $43.00 per share.
StockNews.com initiated coverage on Overstock.com and issued it a “sell” rating for standardized measurement purposes and considerations.
With all these varying opinions from analysts, it is difficult to discern the true trajectory of Overstock.com. However, one thing that is clear from all this analysis is that the stock currently has an average rating of “Hold” according to Bloomberg.com.
As for Overstock.com’s performance on the market, it opened at a price of $21.40 on September 14, 2023. Its highest value in the past year was $39.27, while its lowest point was recorded at $17.05.
The company boasts a quick ratio of 1.94 and a current ratio of 1.97, indicating its ability to meet short-term obligations. Furthermore, Overstock.com has maintained a debt-to-equity ratio of just 0.06, showcasing its healthy financial position.
Overstock.com released its quarterly earnings data on July 27th, posting earnings per share of ($0.02) for the quarter. This exceeded analysts’ consensus estimate of ($0.09) by $0.07 per share. The company presented a negative net margin of 8.17% and a negative return on equity of 0.25%. Despite these figures, Overstock.com generated revenue amounting to $422.20 million during the quarter, surpassing analysts’ expectations of $409.64 million.
Comparatively speaking, the company experienced a decline in revenue by 20.1% during the same period last year.
Given these insights into both investor sentiment and financial performance, it remains uncertain what lies ahead for Overstock.com in terms of its stock price and overall profitability for the year.
However, as we progress with further analysis and examination, it will be interesting to observe whether these conflicting views find a unifying perspective or if they will continue to perpetuate confusion among investors and industry experts alike.
In conclusion, Overstock.com finds itself at an intriguing juncture where opinions differ significantly regarding its future prospects within the ever-evolving retail landscape.