Overstock shoots 25% higher after earnings, tops $3 billion market cap
Overstock.com Inc. shares jumped more than 25% in Thursday trading, after the company reported a big jump in online sales amid the COVID-19 pandemic. Overstock shares topped $75 after closing Wednesday at $60.74, pushing the company’s market capitalization higher than $3 billion for the first time since January 2018. In an announcement before the bell Thursday, Overstock said that it swung to a profit in the second quarter as sales more than doubled, and credited online-shopping and home-improvement trends related to the pandemic. Overstock reported net income of $36.4 million, or 84 cents a share, on revenue of $782.5 million, after losing 69 cents a share on sales of $373.7 million a year ago. Only two analysts tracked by FactSet cover Overstock, which is not enough for a reliable consensus for estimates. With Thursday’s gains, Overstock stock has now gained more than 1,000% in 2020.
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