Morgan Stanley Investment Managem.. recently announced the acquisition of new stake in Overstock.com Inc. (NASDAQ:OSTK). The institutional investor has increased its shareholding in the Consumer Cyclical company by 33.72% to 4.85 million shares with purchase of 1.22 million shares. This fresh investment now brings its stake to 12.03% valued currently at $366.63 million. In addition, BlackRock Fund Advisors raised its holdings by 2.51 million to 2.51 million shares. And Allianz Global Investors U.S. LLC has lifted its position by 1.58% or 29495.0 shares – to 1.9 million shares.
With over 8.49 million Overstock.com Inc. (OSTK) shares trading Monday and a closing price of $87.50 on the day, the dollar volume was approximately $742.72 million. The shares have shown a negative weekly performance of -24.72% and its price on 08/31/20 lost nearly -9.73%. Currently, there are 40.33M common shares owned by the public and among those 38.17M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for OSTK have a consensus price objective of $121.50. The analysts have set the share’s price value over the next 12 months at a high of $140.00 and a low of $103.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Overstock.com Inc. stock is 2.00 for the next 12 months. The average price target is 27.98% above its last price level and an upside to the estimated low will see the stock gain 15.05% over that period. But an upside of 37.5% will see the stock hit the forecast high price target while mean target price for the stock is $121.50.
Insiders at the company have transacted a total of 96 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 50 of these insider trades were purchases, accounting for 186,753 shares. Insider sales of the common stock occurred on 46 occasions, with total insider shares sold totaling 3,245,786 shares.
The top 3 mutual fund holders in Overstock.com Inc. are Morgan Stanley Insight Fund, Vanguard Total Stock Market Index, and SMDAM Global AI Equity Mother Fun. Morgan Stanley Insight Fund owns 1.43 million shares of the company’s stock, all valued at over $108.23 million. Vanguard Total Stock Market Index sold 14651.0 shares to see its total holdings shrink to 1.09 million shares valued at over $82.54 million and representing 2.71% of the shares outstanding. SMDAM Global AI Equity Mother Fun sold -0.4 million shares to bring its total holdings to over 1.04 million shares at a value of $78.46 million. SMDAM Global AI Equity Mother Fun now owns shares totaling to 2.57% of the shares outstanding.
Shares of Overstock.com Inc. (NASDAQ: OSTK) opened at $93.61, down -$3.32 from a prior closing price of $96.93. However, the script later closed the day at $87.50, down -9.73%. The company’s stock has a 5-day price change of -24.72% and 303.23% over the past three months. OSTK shares are trading 1141.13% year to date (YTD), with the 12-month market performance up to 456.26% higher. It has a 12-month low price of $2.53 and touched a high of $128.50 over the same period. Currently, 8.49 million shares have been traded, compared to an average intraday trading volume of 5.73 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -14.74%, 29.58%, and 259.56% respectively.
Institutional ownership of Overstock.com Inc. (NASDAQ: OSTK) shares accounts for 59.30% of the company’s 40.33M shares outstanding. Mutual fund holders own 32.65%, while other institutional holders and individual stakeholders account for 34.05% and 29.34% respectively.
It has a market capitalization of $3.68B and a beta (3y monthly) value of 4.53. The earnings-per-share (ttm) stands at -$1.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.12% over the week and 11.99% over the month.
Analysts forecast that Overstock.com Inc. (OSTK) will achieve an EPS of -$0.25 for the current quarter, -$0.14 for the next quarter and $0.17 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.26 while analysts give the company a high EPS estimate of -$0.24. Comparatively, EPS for the current quarter was -$0.87 a year ago. Earnings per share for the fiscal year are expected to increase by 49.40%, and 94.44% over the next financial year. EPS should grow at an annualized rate of 5.00% over the next five years, compared to -63.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Overstock.com Inc. (OSTK) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the OSTK, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on August 17, 2020, with the firm’s price target at $140. DA Davidson coverage for the Overstock.com Inc. (OSTK) stock in a research note released on July 02, 2020 offered a Buy rating with a price target of $66. Maxim Group was of a view on August 09, 2019 that the stock is Buy, while Maxim Group gave the stock Buy rating on July 16, 2019, issuing a price target of $75- $34. Maxim Group on their part issued Buy rating on September 10, 2018.