Overstock Retail Unit, No Longer on Sale Block, Fuels Gain
- A sale of the e-commerce business had long been considered
- Surging online sales have helped fuel the rally since March
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Overstock.com Inc. became a household name as an e-commerce pioneer, but in recent years excitement in the investment community was focused more on the company’s blockchain efforts. The pandemic has changed all that.
With demand from online shoppers soaring, sales at Overstock’s retail business have helped transform a moribund stock to one of the Covid-era’s best performers, an irony for a unit that had long been considered for sale. Overstock shares have gained nearly 11-fold since closing at a record low on March 16, vaulting the company into the top five stocks in the Nasdaq Composite Index over that period. With virus cases on the rise again in the U.S., that trend is showing no signs of slowing.