40.70 +1.54 (3.93%)
After hours: 7:59PM EDT
|Bid||40.81 x 900|
|Ask||40.80 x 1300|
|Day's Range||35.11 - 39.93|
|52 Week Range||2.53 - 39.93|
|Beta (5Y Monthly)||3.80|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
A look at the shareholders of Overstock.com, Inc. (NASDAQ:OSTK) can tell us which group is most powerful. Institutions...
(Bloomberg) -- Overstock.com Inc. became a household name as an e-commerce pioneer, but in recent years excitement in the investment community was focused more on the company’s blockchain efforts. The pandemic has changed all that.With demand from online shoppers soaring, sales at Overstock’s retail business have helped transform a moribund stock to one of the Covid-era’s best performers, an irony for a unit that had long been considered for sale. Overstock shares have gained nearly 11-fold since closing at a record low on March 16, vaulting the company into the top five stocks in the Nasdaq Composite Index over that period. With virus cases on the rise again in the U.S., that trend is showing no signs of slowing.“This is an e-commerce pandemic play on steroids,” said Tom Forte, an analyst at D.A. Davidson. He is one of the few analysts on Wall Street to track the stock, which gained another 5% on Tuesday.Overstock’s revival is the latest turn in the company’s tumultuous history, which until last year took place under the leadership of founder Patrick Byrne. Byrne stepped down as chief executive officer after disclosing a tryst with a Russian operative in conspiracy-tinged statements. More recently, Overstock’s first-of-its kind digital dividend has added another element of controversy with the company insisting trading in the dividend take place on its tZERO venue.Byrne was an early devotee of cryptocurrencies and steered Overstock into blockchain investments that helped briefly send the stock soaring in late 2017 at the height of cryptocurrency mania, which downgraded the importance of the retail business in the minds of some investors.The growth in online shopping has changed that calculus, and CEO Jonathan Johnson said he has “no interest” in selling the e-commerce business. Last month, Overstock said retail sales had more than doubled in the second quarter on booming demand for furnishings from customers confined to their homes. The trend of strong sales has continued in June and with new customers flocking to Overstock the company is confident it can continue to gain market share, Johnson said in an interview.“It’s going to be a long time before people go back to showrooms to look at home furnishings,” said Johnson, who has led Overstock since August. “I think there will have been a significant shift in people’s comfort level of buying home goods online.” The company is expected to report second-quarter financial results sometime in August.The Overstock rally is an extreme example of a trend that has been seen broadly across e-commerce stocks over the past few months, especially in decor and home improvement. Analysts have said the increased demand for shopping online -- which Baird estimated could represent a $200 billion annual tailwind -- could be a permanent shift in consumer behavior.“Fundamentally, e-commerce remains on a tear,” wrote Marvin Fong, an analyst at BTIG, who noted that trends were holding up even as parts of the country reopen. “Even if local governments lift restrictions, fear of a resurgent level of infections could keep consumers staying at home and buying from their computers throughout the summer and possibly longer.”Among other winners, Wayfair Inc. is up nearly 800% from a March low and analysts expect more gains. Amazon.com Inc. is up more than 60% from a recent low, while EBay Inc. has climbed nearly 90% and both Etsy Inc. and Fiverr International have more than tripled. Chewy Inc., an online retailer of pet products, is up about 120% from a March low. All are at or near record levels, as is the Amplify Online Retail ETF, an exchange-traded fund that has nearly doubled since March and which has seen its strongest two months of inflows since 2018, according to data compiled by Bloomberg.(Updates shares in second and third paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of Overstock (NASDAQ: OSTK) have jumped today, up by 8% as of 1:45 p.m. EDT, after the company said that its tZERO ATS cryptocurrency trading platform saw record engagement last month. Following the distribution of a digital dividend to Overstock shareholders last month, tZERO saw transactions in May jump by fourfold to 423,000. Transaction volumes have increased by almost 50% year to date through May, according to Overstock.
What happened Overstock.com (NASDAQ: OSTK) shareholders dramatically outperformed the stock market last month. The stock rose 46% in May compared to a 4.5% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.
Shares of Overstock (NASDAQ: OSTK) were flying higher once again on Tuesday, after shares of its digital dividend were distributed. As of 1:45 p.m. EDT, shares of its common stock were trading an impressive 19% higher on the Nasdaq exchange. While the digital dividend is today's news specifically tied to Overstock, it's also possible the stock is moving higher as investors continue to favor e-commerce companies.
At Overstock's annual meeting last week, CEO Jonathan Johnson said that quarter-to-date sales were up 130% year over year, with new customers up 260% during the period, as more consumers than ever were embracing online shopping. Peloton's sales -- and shares -- have surged since March. Peloton has a similar story to tell.
Shares of Overstock (NASDAQ: OSTK) have jumped today, up by 17% as of 2:45 p.m. EDT, after the company said sales had skyrocketed as COVID-19 drives consumers to e-commerce. At the meeting, CEO Jonathan Johnson provided investors with an update about the business's performance during the novel coronavirus outbreak. The company has shifted to a new model where 100% of employees are now working from home, and Overstock has also enjoyed new retail customer growth of 85% year to date.
Michael Sonnenshein, Managing Director at Grayscale Investments, joined Yahoo Finance's Myles Udland, Dan Roberts, and Melody Hahm to discuss Bitcoin's third halving and with it means for investors.
Shares of e-commerce company Overstock (NASDAQ: OSTK) are getting used to going up in recent weeks, and Wednesday was no exception. It's just a theory, but it's possible Overstock's upcoming digital dividend has sparked a short squeeze of the stock. In recent days, Overstock's stock has gone up a lot.
Shares of Overstock (NASDAQ: OSTK) rose once again on Tuesday, after rival Wayfair (NYSE: W) reported impressive first-quarter 2020 earnings. At the close of trading, Overstock shares were up 8.5%. The following chart stretches credulity by displaying the stock performance of Wayfair and Overstock just since March 18, a mere seven weeks ago.
Celebrations may be in order for Overstock.com, Inc. (NASDAQ:OSTK) shareholders, with the covering analyst delivering...
Shares of Overstock (NASDAQ: OSTK) continued their upward march on Monday, after a report showed online furniture sales surged in April. Overstock's stock traded as much as 12% higher on the news, and still traded 9% higher as of 3:30 p.m. EDT. Privately-held Blueport Commerce allows traditional furniture retailers to build an online presence.
Joining me today are Jonathan Johnson, CEO of Overstock and President of Medici Ventures; Adrianne Lee, CFO of Overstock; Dave Nielsen, President of Overstock Retail; and Saum Noursalehi, CEO of tZERO. Thank you, Alexis.
Overstock.com, Inc. (NASDAQ:OSTK) shareholders will doubtless be very grateful to see the share price up 173% in the...
Invesitng.com – Overstock slumped to a seven-year low Tuesday after the online retailer reported a larger loss than expected as efforts to rein in marketing activities hurt sales.
We think intelligent long term investing is the way to go. But that doesn't mean long term investors can avoid big...