overstock-shares-up-1,600%-this-year,-as-e-commerce-demand-surges-during-pandemic

Overstock Shares Up 1,600% This Year, As E-commerce Demand Surges During Pandemic

OSTK) closed at $118.13 on Monday, up from $7.04 at the start of 2020, indicating staggering year-to-date gains of close to 1,600%.” data-reactid=”19″ type=”text”>Shares of e-commerce company Overstock.com Inc (NASDAQ: OSTK) closed at $118.13 on Monday, up from $7.04 at the start of 2020, indicating staggering year-to-date gains of close to 1,600%.

Amazon.com Inc. (NASDAQ: AMZN) and Shopify Inc. (NYSE: SHOP) are also up 68% and 150% YTD, respectively.” data-reactid=”21″ type=”text”>While the COVID-19 pandemic has decimated most sectors, e-commerce companies have actually benefitted from countrywide lockdowns and business shutdowns. The pandemic accelerated the shift towards online shopping; shares of e-commerce giants Amazon.com Inc. (NASDAQ: AMZN) and Shopify Inc. (NYSE: SHOP) are also up 68% and 150% YTD, respectively.

polled by Yahoo Finance expect its sales to rise 40.9% to $2.06 billion in 2020.” data-reactid=”22″ type=”text”>Overstock has managed to capitalize on the online shopping trend in its home furnishing vertical. Analysts polled by Yahoo Finance expect its sales to rise 40.9% to $2.06 billion in 2020.

The Utah-based company easily outperformed analyst estimates in the June quarter as well. It reported adjusted earnings of $0.84 and revenue of $782.5 million, compared to consensus estimates of a net loss per share of $0.23 and revenue forecasts of $680.2 million.

said, “Overstock is a top player in the growing home furnishings online market, a market that is now more relevant than ever.”” data-reactid=”28″ type=”text”>During the Q2 earnings call, company CEO Jonathan Johnson said, “Overstock is a top player in the growing home furnishings online market, a market that is now more relevant than ever.”

“Online penetration was steadily increasing prior to the pandemic, where recent pandemic-related shifts in consumer behavior have accelerated that growth,” Johnson added.

The company also experienced record trading volume on its blockchain and capital markets trading platform tZERO ATS in Q2.

initiated coverage on Overstock with an “Overweight” rating and a price target of $140. The analyst is bullish on the shifting e-commerce trends that have driven shares and profitability higher in 2020.” data-reactid=”31″ type=”text”>Piper Sandler Upgrade: The stock rose 26.5% on Monday after Piper Sandler analyst Peter Keith initiated coverage on Overstock with an “Overweight” rating and a price target of $140. The analyst is bullish on the shifting e-commerce trends that have driven shares and profitability higher in 2020.

Latest Ratings for OSTK

Date Firm Action From To
Aug 2020 Piper Sandler Initiates Coverage On Overweight
May 2020 DA Davidson Reiterates Buy
Nov 2019 DA Davidson Reiterates Buy

See more from Benzinga” data-reactid=”37″ type=”text”>See more from Benzinga

Post navigation

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top