Investor: Overstock Shares ‘Will Explode 230 Percent To $100’ On Blockchain HypeOctober 18, 2017 5:03 pm
Investors are forecasting Overstock stock rising by as much as 230 percent, Cointelegraph.com reported Wednesday.
Shares in Overstock closed up another 11 percent Tuesday, marking a four-year high as investor excitement from Blockchain rises, the report said.
Overstock reported similar success after it announced in September it was looking to launch an initial coin offering (ICO) trading platform, the report said.
“It is encouraging to see legacy financial services acknowledging the potential of the blockchain to disrupt and transform the financial services industry,” analyst Tom Forte told CNBC.
“This is adding further fuel to the Overstock fire as investors (see the company’s) early stage investments in blockchain,” Forte said.
On Wednesday, shares hovered near all-time highs at $34.50, the report said, as analysts had already turned bullish on Overstock’s future.
In comments to CNBC last week, another analyst said 230 percent higher prices were in store.
“You’re not paying anything for blockchain and you’re getting retail at a steep discount,” independent investor Marc Cohodes said. “I think the stock’s going to go to $100.”
The company, the report said, is being championed as a pioneer in the retail industry for leveraging Blockchain technology successfully.
– WN.com, Jack Durschlag