Piper Sandler Downgrades Overstock.com Inc. (OSTK) to a Neutral from an Overweight


Overstock.com Inc.’s filing revealed that its Director Nettles William Benjamin JR acquired Company’s shares for reported $50644.0 on Aug 22. In the deal valued at $24.68 per share,2,052 shares were bought. As a result of this transaction, Nettles William Benjamin JR now holds 10,385 shares worth roughly $ 0.26 million.

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Then, Messing Barbara sold 592 shares, generating $19,791 in total proceeds. Upon selling the shares at $33.43, the Director now owns 5,635 shares.

Before that, Weight Joel sold 2,500 shares. Overstock.com Inc. shares valued at $90,625 were divested by the CHIEF TECHNOLOGY OFFICER at a price of $36.25 per share. As a result of the transaction, Weight Joel now holds 12,373 shares, worth roughly $0.31 million.

Piper Sandler downgraded its Overstock.com Inc. [OSTK] rating to a Neutral from a an Overweight in a research note published on Monday, April 21, 2023; the price target was decreased to $19 from $29. PT values the company’s stock at a premium of -33.68 to its Monday closing price.

Price Performance Review of OSTK

On Monday, Overstock.com Inc. [NASDAQ:OSTK] saw its stock jump 2.71% to $25.40. On the same session, the stock had its day’s lowest price of $24.7701, but rose to a high of $25.68. Over the last five days, the stock has gained 1.48%. Overstock.com Inc. shares have risen nearly 31.20% since the year began. Nevertheless, the stocks have fallen -7.47% over the past one year. While a 52-week high of $39.27 was reached on 08/02/23, a 52-week low of $17.05 was recorded on 01/04/23. SMA at 50 days reached $29.50, while 200 days put it at $22.93. A total of 1.15 million shares were traded, compared to the trading of 1.74 million shares in the previous session.

Levels Of Support And Resistance For OSTK Stock

The 24-hour chart illustrates a support level at 24.89, which if violated will result in even more drops to 24.37. On the upside, there is a resistance level at 25.80. A further resistance level may holdings at 26.19. The Relative Strength Index (RSI) on the 14-day chart is 37.09, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -2.56, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 77.05%. Stochastics %K at 14.79% indicates the stock is a buying.

How much short interest is there in Overstock.com Inc.?

A steep rise in short interest was recorded in Overstock.com Inc. stocks on Aug 14, 2023, dropping by -0.31 million shares to a total of 5.18 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 5.49 million shares. There was a decline of -5.98%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 12.93% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.26.

Overstock.com Inc. [OSTK] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 4,199,455 shares, or roughly 9.29% of the outstanding OSTK shares. In other words, the investor’s shares have risen by 53,926 from its previous 13-F filing of 4145529.0. Additionally, BlackRock Fund Advisors decreased -11.01% of its stake after which the total value it holdings stand at $111,347,724, while D. E. Shaw & Co. LP reduced -6.44% of its stake to hold $60.77 million in the firm. Over the last quarter, Two Sigma Investments LP purchased 105,448 shares of Overstock.com Inc., while Millennium Management LLC bought 878,170 shares. At present, SSgA Funds Management, Inc. is holding 920,361 shares valued at $33.57 million. Geode Capital Management LLC owned 911,801 shares of the company at the time of its most recent 13F filing, worth $33.25 million.

According to FactSet, Overstock.com Inc.’s share price will average $41.83 in the next year, based on opinions of analysts polled by the firm. This is up nearly 49.62 percent from its previous closing price of $24.73. Analysts expect Overstock.com Inc. stock to reach the higher price of $87.00, while the lowest price estimate is $19.00. However, 10 analysts have rated OSTK stock as a Hold in their predictions for 2023.


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