Overstock.com (NASDAQ:OSTK) Sees Unusually-High Trading Volume After Earnings Beat

Shares of Overstock.com Inc (NASDAQ:OSTK) saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 11,184,428 shares changed hands during trading, an increase of 236% from the previous session’s volume of 3,330,617 shares.The stock last traded at $25.19 and had previously closed at $21.29.

The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.23. Overstock.com had a negative return on equity of 85.28% and a negative net margin of 11.15%. The company had revenue of $373.70 million for the quarter, compared to the consensus estimate of $376.66 million. During the same quarter in the previous year, the business earned ($2.20) EPS. Overstock.com’s revenue was down 22.6% compared to the same quarter last year.

OSTK has been the topic of a number of research analyst reports. DA Davidson restated a “buy” rating and set a $48.00 price target on shares of Overstock.com in a report on Tuesday, July 16th. Maxim Group restated a “buy” rating and set a $40.00 price target (up previously from $34.00) on shares of Overstock.com in a report on Friday. Zacks Investment Research upgraded Overstock.com from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. ValuEngine upgraded Overstock.com from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, BidaskClub upgraded Overstock.com from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $44.00.

In other Overstock.com news, CEO Patrick Michael Byrne sold 500,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $13.09, for a total transaction of $6,545,000.00. Following the transaction, the chief executive officer now owns 1,056,690 shares in the company, valued at approximately $13,832,072.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph J. Tabacco, Jr. bought 40,000 shares of Overstock.com stock in a transaction on Monday, May 20th. The shares were purchased at an average price of $10.45 per share, for a total transaction of $418,000.00. Following the acquisition, the director now directly owns 66,033 shares in the company, valued at approximately $690,044.85. The disclosure for this purchase can be found here. Insiders have sold a total of 907,555 shares of company stock worth $10,744,823 in the last quarter. Company insiders own 19.40% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Overstock.com by 78.6% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,655 shares of the company’s stock valued at $50,000 after purchasing an additional 1,608 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in shares of Overstock.com during the 2nd quarter valued at about $99,000. Partnervest Advisory Services LLC bought a new position in shares of Overstock.com during the 2nd quarter valued at about $656,000. State Board of Administration of Florida Retirement System bought a new position in shares of Overstock.com during the 2nd quarter valued at about $314,000. Finally, Swiss National Bank boosted its holdings in shares of Overstock.com by 8.6% during the 2nd quarter. Swiss National Bank now owns 47,800 shares of the company’s stock valued at $650,000 after purchasing an additional 3,800 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

The company’s fifty day moving average price is $17.18. The company has a market capitalization of $777.48 million, a price-to-earnings ratio of -4.06 and a beta of 2.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.85 and a current ratio of 0.92.

About Overstock.com (NASDAQ:OSTK)

Overstock.com, Inc operates as an online retailer in the United States and internationally. It operates through Retail and tZERO segments. The company offers furniture; and home décor, including rugs, bedding and bath, home improvement, kitchen items, and other related products. It also operates Worldstock Fair Trade, a store that provides handcrafted products; Pet Adoptions, a free service and portal to display pets available for adoption; and Overstock Hotels, a portal that enables customers to search and book properties within its Website.

Featured Article: What are the benefits of a portfolio tracker?

Receive News & Ratings for Overstock.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Overstock.com and related companies with MarketBeat.com's FREE daily email newsletter.