The stock of Overstock.com, Inc. (NASDAQ:OSTK) is now priced at $87.5 and the shares are -9.43 points down or -9.73% lower compared to its previous closing price of $96.93. The stock had 8.596 million contracts set over the past session. OSTK shares’ daily volume is compared to its average trading volume at 5.748 million shares. However, it has a float of 38.17 million and although its performance was -24.72% over the week, it’s one to watch. Analysts have given the OSTK stock a yearly average price target of $121.5 per share. It means the stock’s upside potential is 38.86% with the OSTK share price recently placing at $85 to $94.73. However, some brokerage firms have priced the stock below the average, including one that has called $103.
The shorts are running away from the Overstock.com, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the OSTK shares have declined. Short interest in the stock represents just 11.76% of its float, but the volume has dropped by -136739. The volume of shorted shares dropped to 4.487 million from 4.624 million shares over the last two weeks. The average intraday trading volume has been 7.688 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Overstock.com, Inc. (NASDAQ:OSTK) dropped by -$28.74 over the week and gained $4.54 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $128.5. The stock recorded its established 52-week high on 08/19/20.
Since 03/18/20, the stock has traded to a low of $2.53 at 3358.5%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 4.53. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Overstock.com, Inc.’s two-week RSI is 47.11. This suggests that the stock is neutral at the moment and that OSTK shares’ price movement remains stable. The stochastic readings are equally revealing at 18.9% meaning the OSTK share price is currently in overbought territory.
The technical chart shows that the OSTK stock will likely settle at between $93.15 and $98.81 per share. However, if the stock dips below $83.42, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $79.35.
Currently, the stock is trading in the red of MACD, with a reading of -15.88. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned OSTK a rating of Overweight in their intiating review released on August 17. DA Davidson analysts see the stock as a Buy, but they also raised the share’s target price from $33 to $66 in a flash note released to investors on July 02. Maxim Group analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on August 09, placing it at $40 from $34.
The average rating for the OSTK equity is 2 and is currently gathering a bullish momentum. Of 3 analysts tracking Overstock.com, Inc. polled by Reuters, 0 rated OSTK as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the OSTK stock price is 500X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 69.7. Overstock.com, Inc. has its P/E ratio at 26.8, which means that the stock is currently trading at a premium relative to the 15.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Overstock.com, Inc. (NASDAQ:OSTK) will decrease by about -99.93%, which will see them reach $512 million. The company’s full-year revenues are, however, expected to increase by about 41.1%, up from $1460 million to $2060 million. OSTK’s expected adjusted earnings should drop almost -71.26% to end up at -$0.25 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -102.6% to record $0.09/share.