Skip to content
Subscriber Only
Technology

Short-Seller Marc Cohodes Goes Long on Overstock

  • Online retailer’s stock is ‘ridiculously cheap,’ Cohodes says
  • Cohodes shorted Overstock in mid-2000s, spurring fierce battle
Employees pack merchandise at the Overstock.com Inc. fulfillment center in Salt Lake City, Utah.

Employees pack merchandise at the Overstock.com Inc. fulfillment center in Salt Lake City, Utah.

Photographer: Cayce Clifford/Bloomberg
By

Veteran short-seller Marc Cohodes unveiled a rare long investment. Even more surprising was the target.

Cohodes has bought shares of Overstock.com Inc., the company run by his onetime adversary Patrick Byrne, he said in an interview. The former hedge-fund manager said the company’s online retail business is undervalued and its blockchain unit could bring huge stock gains. Overstock jumped as much as 8.7 percent after Cohodes spoke at an investment conference in New York.