Maxim Group Initiates Coverage on Overstock.com (NASDAQ:OSTK)

Research analysts at Maxim Group initiated coverage on shares of Overstock.com (NASDAQ:OSTK) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $34.00 price target on the stock. Maxim Group’s price objective would indicate a potential upside of 79.51% from the company’s previous close.

OSTK has been the subject of several other research reports. DA Davidson started coverage on shares of LYFT in a research report on Tuesday, March 19th. They set a “buy” rating and a $75.00 price objective for the company. BidaskClub cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research raised shares of General Moly from a “sell” rating to a “hold” rating in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Overstock.com presently has an average rating of “Hold” and an average price target of $41.00.

OSTK opened at $18.94 on Tuesday. Overstock.com has a twelve month low of $8.96 and a twelve month high of $48.00. The business’s 50-day moving average price is $12.60. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.92 and a quick ratio of 0.85. The company has a market capitalization of $626.50 million, a PE ratio of -3.05 and a beta of 2.34.

Overstock.com (NASDAQ:OSTK) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($1.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.93) by ($0.25). Overstock.com had a negative return on equity of 85.28% and a negative net margin of 11.15%. The firm had revenue of $367.73 million for the quarter, compared to the consensus estimate of $360.91 million. During the same period in the prior year, the company earned ($1.74) EPS. The company’s revenue for the quarter was down 17.4% compared to the same quarter last year. Sell-side analysts anticipate that Overstock.com will post -3.31 EPS for the current fiscal year.

In other Overstock.com news, CEO Patrick Michael Byrne sold 407,055 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $10.29, for a total transaction of $4,188,595.95. Following the completion of the transaction, the chief executive officer now owns 1,056,690 shares of the company’s stock, valued at $10,873,340.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph J. Tabacco, Jr. bought 40,000 shares of the stock in a transaction on Monday, May 20th. The shares were acquired at an average cost of $10.45 per share, with a total value of $418,000.00. Following the purchase, the director now owns 66,033 shares of the company’s stock, valued at approximately $690,044.85. The disclosure for this purchase can be found here. 19.40% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of OSTK. BlackRock Inc. raised its stake in Overstock.com by 8.6% during the fourth quarter. BlackRock Inc. now owns 1,619,841 shares of the company’s stock worth $22,000,000 after acquiring an additional 128,649 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Overstock.com by 763,233.3% during the first quarter. BNP Paribas Arbitrage SA now owns 45,800 shares of the company’s stock worth $761,000 after acquiring an additional 45,794 shares in the last quarter. Geode Capital Management LLC raised its stake in Overstock.com by 18.7% during the fourth quarter. Geode Capital Management LLC now owns 255,410 shares of the company’s stock worth $3,468,000 after acquiring an additional 40,314 shares in the last quarter. Trellus Management Company LLC acquired a new position in Overstock.com during the first quarter worth about $416,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in Overstock.com during the first quarter worth about $389,000. 60.68% of the stock is owned by hedge funds and other institutional investors.

About Overstock.com

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.

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