Overstock (OSTK) Receives a Buy from Needham
In a report released today, Rick Patel from Needham assigned a Buy rating to Overstock (OSTK), with a price target of $98.00. The company’s shares closed last Thursday at $71.40.
According to TipRanks.com, Patel is a 3-star analyst with an average return of 4.3% and a 43.7% success rate. Patel covers the Consumer Goods sector, focusing on stocks such as Columbia Sportswear, G-III Apparel Group, and Lululemon Athletica.
Overstock has an analyst consensus of Strong Buy, with a price target consensus of $100.33.
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Based on Overstock’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $783 million and net profit of $36.36 million. In comparison, last year the company earned revenue of $374 million and had a GAAP net loss of $24.68 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OSTK in relation to earlier this year.
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Overstock.com, Inc. operates on 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: Retail, tZERO, and Other. The Retail Segment engages in e-commerce sales through its website. The tZERO Segment focuses on securities transaction through its broker-dealers. The Other Segment consists of Medici business. The company was founded by Patrick Michael Byrne on May 5, 1997 and is headquartered in headquartered in Salt Lake City, UT.