Overstock.com Inc. (OSTK) is set to declare its Q4 and fiscal 2021 financial results before the market open on February 23, 2022. Just a day before the earnings, the stock initially suffered a decline but soon rebounded in the after hours. It seems investors are not fully certain of what to do as the company is expected to report mixed earnings. OSTK is expected to report an almost 50% growth in earnings but a decline in sales.
On February 22, OSTK stock had a value of $36.45 per share at the close of the regular trading. The stock suffered a loss of 8.21% during the session and reached its new 52-week low of $35.67. The stock rebounded in the after-hours to add 9.19% at 342.95K shares. Hence, OSTK had a value of $39.80 per share in the after-hours on Tuesday.
The online shopping commercial sites operator, Overstock.com Inc. has a market capitalization of $1.71 billion.
What’s with the Up and Down Movement?
According to reports, certain analysts lowered their price target for OSTK stock. While they did lower the price target, they maintained the overweight (buy) recommendation. As always, any price cut from analysts causes the investors to worry. Thus, the stock went down during the regular session as analysts cut the price target probably due to the expected decline in sales. Consequently, the stock reached its new 52-week low during the session, closing just above it. The new low price of the stock provided a good opportunity for investors to buy the stock before it reports earnings growth. Therefore, OSTK stock rebounded in the after-hours on Tuesday.
While the stock seems to be recovering from its losses, the upcoming earnings and opening of the market on Wednesday will clarify the actual situation. As of now, the stock has lost 22.95% in the past five days alone and 38.23% year to date.
OSTK Company News
On January 05, the company announced its contribution to Afghanistan refugee families resettling in Utah. The company said that it will provide the families with dining room tables, chairs, and home decors for resettling. Moreover, OSTK is working with IRC and Catholic Community Services for donating the items to the families.
On November 29, the company participated in the Credit Suisse 25th Annual Technology Conference. OSTK’s CEO and CFO participated in investor meetings at the conference. The conference took place from November 29 to December 2, 2021, in Arizona.
