Overstock.com plunges on analyst downgrade
Overstock.com, Inc. (Nasdaq: OSTK) shares are plunging after investment firm Stifel Nicolaus & Co. downgraded the company to “sell” from “hold.” Analyst Scott Devitt downgraded the company due to a recent run-up in stock price.
"We consider buying the shares on pullbacks into the upper teens or if our expectations for growth are proven conservative," Devitt said in an investment note.
In afternoon trading, OSTK shares are down 10.46%, or $3.56, at $30.46. Over the last 52 weeks, shares have ranged from $13.40 to $35.96.
