Rafferty Asset Management LLC Takes Position in Overstock.com Inc (OSTK)
Rafferty Asset Management LLC acquired a new stake in Overstock.com Inc (NASDAQ:OSTK) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 10,807 shares of the company’s stock, valued at approximately $299,000.
Other institutional investors also recently added to or reduced their stakes in the company. Vident Investment Advisory LLC acquired a new position in Overstock.com in the 2nd quarter valued at approximately $240,000. Metropolitan Life Insurance Co. NY increased its stake in Overstock.com by 30.5% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 7,168 shares of the company’s stock valued at $241,000 after buying an additional 1,677 shares during the period. National Asset Management Inc. acquired a new position in Overstock.com in the 3rd quarter valued at approximately $210,000. Verition Fund Management LLC acquired a new position in Overstock.com in the 2nd quarter valued at approximately $274,000. Finally, MetLife Investment Advisors LLC increased its stake in Overstock.com by 25.7% in the 2nd quarter. MetLife Investment Advisors LLC now owns 9,776 shares of the company’s stock valued at $329,000 after buying an additional 1,999 shares during the period. Hedge funds and other institutional investors own 61.20% of the company’s stock.
In related news, CEO Patrick Byrne sold 774,303 shares of the firm’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $25.83, for a total value of $20,000,246.49. Following the transaction, the chief executive officer now directly owns 1,050,023 shares in the company, valued at approximately $27,122,094.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 24.20% of the company’s stock.
Overstock.com (NASDAQ:OSTK) last announced its quarterly earnings results on Thursday, November 8th. The company reported ($1.55) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by ($0.69). Overstock.com had a negative return on equity of 105.90% and a negative net margin of 14.21%. The business had revenue of $440.60 million for the quarter, compared to analyst estimates of $443.13 million. During the same quarter last year, the company earned ($0.03) EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts forecast that Overstock.com Inc will post -6.19 earnings per share for the current fiscal year.
OSTK has been the topic of several analyst reports. BidaskClub upgraded shares of Overstock.com from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Zacks Investment Research lowered shares of Overstock.com from a “hold” rating to a “sell” rating in a research note on Thursday, November 15th. Maxim Group initiated coverage on shares of Overstock.com in a research note on Monday, September 10th. They set a “buy” rating and a $75.00 price target on the stock. DA Davidson increased their price target on shares of Overstock.com from $90.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. Finally, ValuEngine lowered shares of Overstock.com from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Overstock.com presently has a consensus rating of “Hold” and an average target price of $75.00.
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Overstock.com, Inc operates as an online retailer in the United States. It operates in two segments, Direct and Partner. The company offers home and garden products, including furniture, home decor, garden and patio, kitchen and dining, bedding, home improvement, housewares, and other related products; jewelry and watches; clothing and accessories; electronics and computers; artisan-crafted products; and other products.
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