- Overstock.com has seen declining revenue and profits for many months.
- They no longer have any real advantage over their competitors.
- Former CEO and founder Patrick Byrne dumped all his shares last week and is under investigation by the SEC for market manipulation.
- It seems each week brings a new negative headline or controversy regarding OSTK.
Both fundamental and technical indicators look weak.
Overstock.com (NASDAQ:OSTK) has been trending lower for months now ever since its January 2018 peak at $85. Despite having already fallen over 86% to $11.19, there is still time to be short OSTK, as it will soon test long-term support at $9.00.
I like Overstock. But I would still short it, like many other investors over the past year.
Just 12 months ago, it seemed as though Overstock had the potential to turn itself around. tZERO was going to be revolutionary, like discovering cold fusion. OSTK was even planning on divesting its entire retail business and going full blockchain. This was going to change the course of history by allowing securities to be tokenized.
Today, however, things have changed.
[Read the full article on Seeking Alpha > https://seekingalpha.com/article/4293657-overstock-com-doomed-short-term]
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