On September 10, 2023, it was reported that Kingdon Capital Management L.L.C. had reduced its stake in shares of Overstock.com, Inc. (NASDAQ:OSTK) by 75% during the first quarter. According to the filing with the Securities & Exchange Commission, the firm owned 50,000 shares of Overstock.com’s stock after selling 150,000 shares. The value of their stake was estimated at $1,014,000 as of the most recent filing.
This news comes after Overstock.com announced its earnings results on July 27th. The company reported earnings per share (EPS) of ($0.02) for the quarter, surpassing the consensus estimate of ($0.09) by $0.07. Despite this positive result, Overstock.com experienced a decline in revenue compared to analyst estimates – $422.20 million compared to $409.64 million predicted by analysts. The company also had a negative return on equity and negative net margin in this quarter.
Analysts have expressed their opinions about Overstock.com recently as well. Jefferies Financial Group raised their price target on shares of Overstock.com from $19 to $32 in a research report published on June 30th. Conversely, StockNews.com issued a “sell” rating for the company in their research report released on August 17th. Bank of America also decreased their price target on Overstock.com from $39 to $24 in another research report.
DA Davidson lowered their price objective from $87 to $85 and maintained a “buy” rating for the company while Piper Sandler increased their target price from $20 to $35 and assigned a “neutral” rating to Overstock.com in their respective reports.
In summary, analysts are divided in their assessments of Overstock.com’s performance and future prospects. As Bloomberg data indicatese that there is currently a consensus rating of “Hold” for the company, with a consensus target price of $38.29. It remains to be seen how Overstock.com will navigate these challenges and what the future holds for its investors.
Updated on: 03/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
We did not find social sentiment data for this stock
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Institutional Investors Show Interest in Overstock.com as Holdings Increase
As of the first quarter of this year, several hedge funds have made notable changes to their holdings in Overstock.com, a prominent online retailer. Covestor Ltd., for instance, has significantly increased its stake in the company by a staggering 7,081.8%. This boost in ownership is the result of Covestor Ltd. acquiring an additional 779 shares during the last quarter, bringing its total ownership to 790 shares worth $35,000.
Another notable change comes from FMR LLC, which has raised its position in Overstock.com by 40% during the first quarter as well. Acquiring an extra 502 shares now brings FMR LLC’s total ownership to 1,758 shares with a value of approximately $36,000.
Captrust Financial Advisors has also increased its stake in Overstock.com. In the second quarter alone, it raised its ownership by an impressive 61.7% through the acquisition of 640 additional shares. As a result, Captrust Financial Advisors now owns a total of 1,677 shares worth $42,000.
Public Employees Retirement System of Ohio also did not hesitate to bolster its stake in Overstock.com. During the third quarter, it added an extra 548 shares to its existing holdings, reflecting a growth rate of around 35%. The current value of Public Employees Retirement System’s stock is estimated at $52,000.
Furthermore, Canada Pension Plan Investment Board entered the game and bought a new position in Overstock.com during the first quarter. The purchase was valued at approximately $70,000.
These acquisitions demonstrate that institutional investors have shown considerable interest in Overstock.com’s stock market potential. In fact, institutional investors currently hold about 71.35% of the company’s stock.
In another interesting turn of events for Overstock.com, director William Benjamin Nettles Jr., purchased 2,052 shares on Tuesday, August 22nd, for an average price of $24.68 each. This transaction amounted to a total of $50,643.36. Following the purchase, Nettles now owns 10,385 shares in the company, valued at approximately $256,301.80. The specifics of this acquisition were disclosed in a filing with the Securities & Exchange Commission.
Additionally, on the same date as Nettles’ purchase mentioned above, he acquired another 2,052 shares in Overstock.com at the same average price through a separate transaction. These shares contribute to his ownership stake and reflect a continued belief in the company’s potential.
On the other hand, Chief Technology Officer Joel Weight sold 2,500 shares of Overstock.com’s stock on Wednesday, August 2nd. The average selling price was $36.25 per share, resulting in a total transaction value of $90,625.00. Following this sale, Weight now owns 12,373 shares directly within the company.
It is worth noting that insiders currently own around 1.30% of Overstock.com’s stock.
Looking at recent market activity for Overstock.com (OSTK), it traded up by $0.32 on Friday to reach a closing price of $20.91 per share. On that day alone, approximately 2,275,344 shares were traded compared to an average volume of 2,556,195 shares.
Overstock.com’s stock has shown some volatility recently as reflected by its moving averages—specifically its 50-day simple moving average of $29.61 and its two-hundred-day simple moving average of $23.33.
The company boasts a current ratio of 1.97 and quick ratio of 1.94 signifying its ability to meet short-term obligations with readily available assets should the need arise.
In terms of debt management and financial stability overall for Overstock.com, its debt-to-equity ratio is a mere 0.06.
Overstock.com’s stock performance has ranged from a 52-week low of $17.05 to a 52-week high of $39.27, showcasing fluctuations in value brought about by various market conditions.
With a market capitalization of around $945.13 million, Overstock.com has remained active and seeks to capitalize on opportunities within the retail industry.
The company’s price-to-earnings (PE) ratio currently stands at -6.95 while its beta is reported as 3.61.
As institutional investors continue to modify their holdings and influential figures partake in transactions, the future trajectory of Overstock.com remains unpredictable. External factors such as market conditions and shifts in consumer behavior may impact its performance moving forward.
Therefore, investors and analysts alike will be keen to observe further developments within the company and monitor how these events shape Overstock.com’s overall position within the retail landscape.