Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Overstock Jumps as Piper Calls Stock Undervalued, Despite Massive Rally

Published 08/17/2020, 12:16 PM
Updated 08/17/2020, 12:17 PM

By Christiana Sciaudone

Investing.com -- Overstock.com (NASDAQ:OSTK) soared more than 22% after Piper Sandler (NYSE:PIPR) said it is undervalued, even after multiplying from $10 in April to more than $111 on Monday.

"There are seismic forces at work that have dramatically improved the sales and profitability outlook for OSTK well into the future," Seeking Alpha reported Piper analyst Peter Keith as saying. He initiated the online retailer at a buy-equivalent.  

Home furnishing sales have increased as Americans hunkered down, and Keith sees a favorable backdrop for another five years, according to Seeking Alpha. 

In late July, Overstock.com reported earnings per share of 84 cents on sales of $782.5 million, compared to the estimate loss per share of 7 cents on expected revenue of $597.6 million, according to analysts tracked by Investing.com.

Second quarter sales jumped more than 100%, the company said in its earnings presentation.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.