Overstock shares climbed at the close of trading on Monday, following D.A. Davidson’s rating.
A D.A. Davidson analyst reiterated a buy rating on the internet retailer’s stock. The analyst’s price target on the shares is $48.
Senior research analyst Tom Forte indicated in a note that DA Davidson believes that Overstock's Interim CEO, Jonathan Johnson (who is also the chairman of tZero) is well positioned to lead Overstock (including its Medici Ventures' effort that includes tZero). In recent times, Overstock is looking to branch out (from its e-commerce business) to offer blockchain services, including its tZero cryptocurrency.
Last month, Overstock’s long-time CEO Patrick Byrne resigned citing distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe.