Overstock.com News: Why OSTK Stock Is Surging Today

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Overstock.com (NASDAQ:OSTK) has been the subject of a rumor surrounding its future as it is believed the business is seeking to exit the retail space and become a blockchain brand–OSTK stock was soaring today as the company’s boss suggested that the move is indeed happening.

Overstock.com NewsCEO Patrick Byrne’s plans to become a blockchain business met a roadblock last year, but it appears as if this roadblock is a thing of the past and Overstock is inching closer towards selling its retail operations, according to a statement from the boss. The company has been quickly returning to profitability in the retail space, so such a sale could be lucrative.

Overstock’s decision to become a blockchain-based business would mean that it would transform itself by adopting a new name. “Two very attractive acquirers that I would have put high up on my list have shown up,” the Overstock boss said on Thursday. “People have seen that our earnings have turned.”

The company predicted in May that the brand will made $15 million in 2019 in adjusted earnings before taking into account interest, depreciation, taxes and amortization, or EBITDA. Byrne revealed that he now believes that this figure will be $20 million.

“People will be shocked at how quickly we can return” to becoming a profitable business, he added.

OSTK stock is skyrocketing 11.4% on Friday following the news from the CEO.


Article printed from InvestorPlace Media, https://investorplace.com/2019/06/overstock-com-news-ostk-stock/.

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