Why Overstock.com Is Rocketing Higher Today
Shares of online retailer Overstock.com (NASDAQ: OSTK) jumped on Monday after Morgan Stanley reported a large passive stake in the company. The stock may also be benefiting from the launch of the first bitcoin futures contracts on Sunday. Overstock owns a substantial quantity of bitcoin, and announced plans for an exchange for trading cryptocurrencies and its own initial coin offering earlier this year. Shares of Overstock were up about 22% at 11:45 a.m. EST.
Image source: Getty Images.
Overstock's core business is e-commerce, but speculators have been focused the company's various cryptocurrency announcements over the past few months. The stock has gained about 240% since Aug. 1.
Source: Fool.com
Overstock.com Stock
€8.89
1.430%
With 2 Buy predictions and 2 Sell predictions the community is currently undecided on Overstock.com.
Based on the current price of 8.89 € the target price of 39 € shows a potential of 338.79% for Overstock.com which would more than double the current price.
