Maxim Group reaffirmed their buy rating on shares of Overstock.com (NASDAQ:OSTK) in a research note issued to investors on Wednesday, November 7th. The firm currently has a $75.00 price objective on the stock.
“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 commented.
OSTK has been the topic of several other research reports. GARP Research assumed coverage on Overstock.com in a research report on Thursday, September 6th. They set a neutral rating on the stock. BidaskClub cut shares of Overstock.com from a sell rating to a strong sell rating in a report on Tuesday, September 11th. ValuEngine cut shares of Overstock.com from a buy rating to a hold rating in a report on Friday, September 7th. Finally, DA Davidson raised their target price on shares of Overstock.com from $90.00 to $112.00 and gave the company a buy rating in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Overstock.com currently has an average rating of Hold and an average target price of $75.00.
Shares of NASDAQ:OSTK opened at $19.56 on Wednesday. Overstock.com has a 52-week low of $16.38 and a 52-week high of $89.80. The company has a market capitalization of $591.17 million, a P/E ratio of -10.81 and a beta of 1.86. The company has a current ratio of 1.09, a quick ratio of 1.01 and a debt-to-equity ratio of 0.01.
Overstock.com (NASDAQ:OSTK) last posted its quarterly earnings results on Thursday, November 8th. The company reported ($1.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.69). Overstock.com had a negative return on equity of 105.90% and a negative net margin of 14.21%. The firm had revenue of $440.60 million for the quarter, compared to the consensus estimate of $443.13 million. During the same period in the previous year, the company posted ($0.03) EPS. Overstock.com’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict that Overstock.com will post -6.19 earnings per share for the current fiscal year.
In other news, CEO Patrick Byrne sold 774,303 shares of Overstock.com stock in a transaction on Monday, September 10th. The shares were sold at an average price of $25.83, for a total transaction of $20,000,246.49. Following the completion of the sale, the chief executive officer now directly owns 1,050,023 shares in the company, valued at $27,122,094.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 28.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in OSTK. Fifth Third Bancorp lifted its stake in Overstock.com by 250.0% during the 3rd quarter. Fifth Third Bancorp now owns 7,000 shares of the company’s stock valued at $194,000 after acquiring an additional 5,000 shares during the period. Suntrust Banks Inc. acquired a new position in Overstock.com during the first quarter valued at $207,000. National Asset Management Inc. acquired a new position in Overstock.com during the third quarter valued at $210,000. InterOcean Capital LLC acquired a new position in Overstock.com during the third quarter valued at $212,000. Finally, Vident Investment Advisory LLC acquired a new position in Overstock.com during the second quarter valued at $240,000. Institutional investors and hedge funds own 54.98% of the company’s stock.
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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