Toroso Investments LLC recently announced a decrease in its position in Overstock.com, Inc. (NASDAQ:OSTK) during the first quarter of this year. The company disclosed this information with the Securities and Exchange Commission (SEC), revealing that it sold 10,308 shares, resulting in a 1.3% reduction in ownership. After the sale, Toroso Investments LLC still holds 795,585 shares of Overstock.com stock, making it the 28th largest position in its portfolio. Based on the most recent reporting period, these shares are valued at approximately $16,127,000.
Overstock.com released its quarterly earnings results on July 27th. It reported earnings per share (EPS) of ($0.02) for the quarter, surpassing analysts’ expectations by $0.07. The firm generated $422.20 million in revenue during the quarter compared to expectations of $409.64 million. However, the company’s revenue for this period decreased by 20.1% compared to the same quarter last year.
The negative net margin of 8.17% and negative return on equity of 0.25% indicate some challenges for Overstock.com in terms of profitability and efficiency within its operations.
Looking ahead to the current fiscal year, analysts anticipate that Overstock.com will report an EPS of -0.89.
In other news related to Overstock.com’s stock activity, CTO Joel Weight participated in a transaction involving the sale of 2,500 shares on August 2nd for an average price of $36.25 per share. As a result of this sale, Weight now owns 12,373 shares valued at $448,521.25.
Additionally,recently on August 22nd Director William Benjamin Nettles Jr purchased a total of 2,052 shares at an average price of $24.68 per share amounting to a total value of $50,643.36.
It is worth noting that insiders of the company, including corporate officers and directors, currently own 1.30% of Overstock.com’s stock.
These recent developments regarding Toroso Investments LLC reducing its stake in Overstock.com and the insider trading activities could potentially impact the stock price and investor sentiment towards the company.
Investors and shareholders will likely continue to monitor future updates from Overstock.com to assess any changes in its financial performance and evaluate its strategic direction moving forward.
Overstock.com, Inc.
OSTK
Buy
Updated on: 27/11/2023
Financial Health
Healthy
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Hedge Funds and Institutional Investors Show Interest in Overstock.com as Stock Receives Mixed Ratings
Overstock.com (OSTK) has recently been attracting the attention of hedge funds and institutional investors. Covestor Ltd, for example, increased its position in Overstock.com by a staggering 7,081.8% during the first quarter, acquiring an additional 779 shares worth $35,000. FMR LLC also boosted its shares by 40%, bringing its total holdings to 1,758 shares valued at $36,000. Captrust Financial Advisors saw a similar increase of 61.7% during the second quarter, now owning 1,677 shares worth $42,000. Public Employees Retirement System of Ohio followed suit with a 35% increase in their ownership of Overstock.com, bringing their holdings to 2,115 shares valued at $52,000.
In addition to these hedge funds and institutional investors, Canada Pension Plan Investment Board also acquired a new stake in Overstock.com during the first quarter for $70,000. Currently, approximately 71.35% of the stock is owned by such entities.
As of September 14th, OSTK was trading at $21.19 per share with a trading volume of 479,767 shares. Its market capitalization stands at $957.85 million with a PE ratio of -6.75 and a beta of 3.61. The company has maintained a debt-to-equity ratio of only 0.06 and possesses current and quick ratios of 1.97 and 1.94 respectively.
The stock’s performance over the past year has seen a low point of $17.05 and a high point of $39.27 with its average trading volume settling at around 1,951,389 shares.
Several research reports have been published on Overstock.com as well. Wedbush reaffirmed an “outperform” rating with a price objective set at $43 per share on September 6th. DA Davidson, on the other hand, lowered their price objective from $87 to $85 but maintained a “buy” rating.
StockNews.com initiated coverage on Overstock.com with a “sell” rating. Meanwhile, Piper Sandler increased its target price from $20 to $35 and assigned a “neutral” rating. Jefferies Financial Group also raised its target price significantly from $19 to $32.
In summary, Overstock.com has garnered the attention of various hedge funds and institutional investors who have substantially increased their stakes in the company. As of now, OSTK is trading at $21.19 per share and has received mixed ratings from research reports, ranging from sell to neutral and buy recommendations.
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