Maxim Group analyst Allen Klee initiated coverage with a Buy rating on Overstockcom (NASDAQ: OSTK) today and set a price target of $75. The company’s shares closed on Friday at $26, close to its 52-week low of $23.10.
Klee observed:
“We expect new initiatives will prompt a shift to profitability in the Retail segment. We believe the Market is underestimating the changes and potential upside from a segment sale.”
According to TipRanks.com, Klee is a 2-star analyst with an average return of 3.8% and a 40.7% success rate. Klee covers the Technology sector, focusing on stocks such as Helios & Matheson North America Inc, Net 1 Ueps, and Stampscom.
Overstockcom has an analyst consensus of Moderate Buy, with a price target consensus of $112.
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Based on Overstockcom’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $63.42 million. In comparison, last year the company had a GAAP net loss of $7.3 million.
Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock.
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Overstock.com, Inc. engages in the operation of and online shopping commercial site. The firm also sells these products through www.overstock.com, www.o.com, and www.o.biz. It operates through the following business segments: Direct, Partner, and Other. The Direct business segment includes sales made to individual consumers and businesses.
