Overstock Stock Is Flying Higher After a Digital Dividend Distribution
Shares of Overstock preferred stock were handed out to common shareholders.
Shares of Overstock(NASDAQ:OSTK) were flying higher once again on Tuesday, after shares of its digital dividend were distributed. As of 1:45 p.m. EDT, shares of its common stock were trading an impressive 19% higher on the Nasdaq exchange.
While the digital dividend is today's news specifically tied to Overstock, it's also possible the stock is moving higher as investors continue to favor e-commerce companies.
Image source: Getty Images.
Overstock is a majority owner of tZero -- a capital market that many use for trading cryptocurrency. However, it's not limited to cryptocurrency; Overstock's Series A-1 preferred stock trades on the platform. These shares were awarded as a digital dividend to shareholders of its common stock, the one that trades on the Nasdaq exchange.
For every 10 shares of Overstock common stock, shareholders were given one share of the Series A-1 preferred stock. It was distributed automatically today to shareholders as of April 27.
As of this writing, the preferred shares were trading at $10 -- down 33%. However, considering shares of common stock opened today at $15.51, and shares of preferred stock opened at $14.50, the dividend payout ratio was around 9%. It's an unusual dividend that makes an apple-to-apples comparison hard, but that's quite a payout.
It's possible today's move with Overstock has nothing to do with the digital dividend. Walmart(NYSE:WMT) reported earnings for the first quarter of fiscal 2021 today. Of note to Overstock shareholders is that Walmart's quarterly e-commerce sales grew 74% year over year -- a strong reminder of current consumer-discretionary spending trends.
Remember, Overstock's retail sales in April were up 120% from April of 2019. Walmart's strong e-commerce report is no doubt reminding investors of Overstock's likewise impressive numbers. The question for long-term investors, however, is whether these gains are sustainable.
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Overstock.com (OSTK) Shareholders Approve Series A-1 Preferred Stock Dividend
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Overstock.com, Inc. (NASDAQ: OSTK) stockholders have voted to approve the proposed changes for the company to move forward with the issuance of its previously-announced Series A-1 Preferred Stock dividend on a 1:10 basis. The shares, which will be registered with the SEC, trade exclusively on the tZERO ATS under the symbol OSTKO.
âThis is a big deal for Overstock and tZERO,â said Overstock CEO Jonathan Johnson. âI thank our stockholders for approving this historic dividend, which we believe will provide them real value. I expect it will increase investor interest and activity in the tZERO ATS trading environment and incentivize both issuers and broker-dealers to further utilize tZEROâs revolutionary blockchain-meets-capital-markets technology.â
Stockholder approval enabled changes to be made to the OSTKO certificates of designation so that shares can be held more broadly and transferred more easily. Stockholders approved proposals 1-3, which are those necessary to move forward with the dividend as planned. Stockholders did not approve proposals 4 and 5 which means that the company must seek stockholder approval in order to make any future changes to the total number of shares of preferred stock designated as Series A-1 Preferred Stock and Series B Preferred Stock.
Overstock is working with industry participants to finalize the record and distribution dates for the Series A-1 Preferred Stock dividend, expects to notify investors soon of those dates and expects to distribute the dividend no later than this April.
|Overstock.com provides a range of products, including furniture, home decor, bedding and bath, and housewares through its online retail business. Co. provides additional products or services including: businesses advertising products or services on its Internet websites located at www.overstock.com, www.o.co, www.overstock.ca, and www.overstockgovernment.com; its international business where it provides products to customers outside the U.S. using third party logistics providers; and Supplier Oasis, a single integration point through which its partners can manage their products, inventory and sales channels, and obtain multi-channel fulfillment services through its distribution network. According to our Overstock.com stock split history records, Overstock.com has had 0 splits.|
Overstock.com (OSTK) has 0 splits in our Overstock.com stock split history database.
Looking at the Overstock.com stock split history from start to finish, an original position size of 1000 shares would have turned into 1000 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into Overstock.com shares, starting with a $10,000 purchase of OSTK, presented on a split-history-adjusted basis factoring in the complete Overstock.com stock split history.
|Growth of $10,000.00|
Without Dividends Reinvested
|Average Annual Total Return:||22.32%|
|Overstock.com provides a range of products, including furniture, home decor, bedding and bath, and housewares through its online retail business. Co. provides additional products or services including: businesses advertising products or services on its Internet websites located at www.overstock.com, www.o.co, www.overstock.ca, and www.overstockgovernment.com; its international business where it provides products to customers outside the U.S. using third party logistics providers; and Supplier Oasis, a single integration point through which its partners can manage their products, inventory and sales channels, and obtain multi-channel fulfillment services through its distribution network. According to our OSTK split history records, Overstock.com has had 0 splits.|
Overstock.com (OSTK) has 0 splits in our OSTK split history database.
Looking at the OSTK split history from start to finish, an original position size of 1000 shares would have turned into 1000 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into Overstock.com shares, starting with a $10,000 purchase of OSTK, presented on a split-history-adjusted basis factoring in the complete OSTK split history.
|Growth of $10,000.00|
Without Dividends Reinvested
|Average Annual Total Return:||22.32%|
Stock split overstock
Currency in USD
|Oct 15, 2021||77.79||80.26||76.95||77.67||77.67||1,351,600|
|Oct 14, 2021||73.71||76.40||71.53||76.40||76.40||1,417,500|
|Oct 13, 2021||76.79||77.10||72.99||73.81||73.81||1,043,200|
|Oct 12, 2021||76.70||77.99||75.42||76.92||76.92||686,400|
|Oct 11, 2021||78.27||78.94||75.75||75.87||75.87||626,200|
|Oct 08, 2021||76.71||78.49||76.09||78.28||78.28||712,200|
|Oct 07, 2021||75.33||77.38||74.96||76.41||76.41||939,500|
|Oct 06, 2021||74.00||75.27||73.23||74.33||74.33||578,600|
|Oct 05, 2021||74.07||76.75||74.03||74.57||74.57||646,200|
|Oct 04, 2021||78.00||78.86||73.50||73.80||73.80||1,312,200|
|Oct 01, 2021||78.23||80.54||77.58||78.97||78.97||1,138,700|
|Sep 30, 2021||81.54||82.10||76.64||77.92||77.92||1,849,100|
|Sep 29, 2021||83.10||83.90||81.53||81.78||81.78||941,200|
|Sep 28, 2021||83.20||83.70||80.43||82.32||82.32||1,543,200|
|Sep 27, 2021||80.93||84.26||79.83||84.03||84.03||1,320,600|
|Sep 24, 2021||77.56||82.72||77.32||81.41||81.41||1,691,400|
|Sep 23, 2021||76.01||80.34||75.57||78.61||78.61||1,672,400|
|Sep 22, 2021||72.25||76.09||72.25||75.71||75.71||1,189,000|
|Sep 21, 2021||72.01||73.34||70.87||72.26||72.26||684,100|
|Sep 20, 2021||71.50||72.65||70.47||71.94||71.94||1,581,300|
|Sep 17, 2021||71.00||75.03||71.00||73.75||73.75||3,656,900|
|Sep 16, 2021||69.55||72.57||69.39||70.40||70.40||1,364,400|
|Sep 15, 2021||69.00||70.46||68.52||70.21||70.21||739,700|
|Sep 14, 2021||70.95||71.70||69.10||69.39||69.39||608,800|
|Sep 13, 2021||69.09||71.09||67.82||70.76||70.76||860,000|
|Sep 10, 2021||70.15||71.20||68.84||68.86||68.86||689,700|
|Sep 09, 2021||68.21||71.30||68.21||69.92||69.92||728,500|
|Sep 08, 2021||70.16||70.55||67.55||68.64||68.64||801,100|
|Sep 07, 2021||71.00||72.15||69.15||70.31||70.31||928,000|
|Sep 03, 2021||70.71||72.38||69.28||69.51||69.51||739,100|
|Sep 02, 2021||71.74||72.14||69.80||70.67||70.67||880,000|
|Sep 01, 2021||72.11||72.75||70.75||71.95||71.95||554,400|
|Aug 31, 2021||72.54||73.15||70.31||72.15||72.15||897,900|
|Aug 30, 2021||74.34||75.20||71.81||72.85||72.85||756,300|
|Aug 27, 2021||71.67||73.50||71.38||73.48||73.48||495,600|
|Aug 26, 2021||72.50||75.51||71.24||71.82||71.82||977,800|
|Aug 25, 2021||72.74||75.14||71.82||73.26||73.26||883,400|
|Aug 24, 2021||71.97||72.97||70.55||72.65||72.65||957,700|
|Aug 23, 2021||69.75||71.81||69.46||70.90||70.90||1,408,900|
|Aug 20, 2021||67.57||70.24||67.27||69.58||69.58||901,300|
|Aug 19, 2021||68.25||69.36||66.77||67.36||67.36||1,189,600|
|Aug 18, 2021||69.85||70.58||67.86||68.91||68.91||1,012,700|
|Aug 17, 2021||68.42||73.65||68.42||69.46||69.46||1,663,000|
|Aug 16, 2021||72.00||72.00||68.12||69.60||69.60||1,147,900|
|Aug 13, 2021||72.92||74.42||71.10||72.66||72.66||1,185,600|
|Aug 12, 2021||69.35||73.32||69.25||73.13||73.13||1,509,700|
|Aug 11, 2021||70.10||70.75||67.75||70.26||70.26||1,006,600|
|Aug 10, 2021||70.65||71.19||69.05||69.24||69.24||1,027,600|
|Aug 09, 2021||68.63||71.29||67.42||70.82||70.82||1,345,000|
|Aug 06, 2021||69.12||70.62||67.36||68.05||68.05||1,041,700|
|Aug 05, 2021||66.27||70.25||65.94||69.00||69.00||1,756,700|
|Aug 04, 2021||67.76||68.67||65.03||66.00||66.00||1,899,000|
|Aug 03, 2021||67.78||68.47||66.19||68.06||68.06||1,852,400|
|Aug 02, 2021||70.00||71.14||67.50||67.75||67.75||2,161,600|
|Jul 30, 2021||70.64||72.77||69.54||69.64||69.64||1,958,700|
|Jul 29, 2021||70.65||77.45||67.77||72.77||72.77||4,266,100|
|Jul 28, 2021||78.89||79.36||74.80||75.35||75.35||2,102,300|
|Jul 27, 2021||82.50||82.95||75.71||78.15||78.15||1,849,700|
|Jul 26, 2021||84.16||86.60||82.15||82.68||82.68||1,243,700|
|Jul 23, 2021||82.93||83.25||80.75||82.63||82.63||693,100|
|Jul 22, 2021||84.05||84.49||80.90||83.11||83.11||824,700|
|Jul 21, 2021||83.68||85.64||82.81||84.51||84.51||1,281,400|
|Jul 20, 2021||82.32||83.96||79.36||82.50||82.50||1,225,000|
|Jul 19, 2021||80.05||82.87||76.84||81.41||81.41||1,683,000|
|Jul 16, 2021||86.88||86.88||81.46||81.63||81.63||1,595,200|
|Jul 15, 2021||87.02||88.05||82.65||86.33||86.33||2,188,600|
|Jul 14, 2021||96.85||97.35||86.63||87.07||87.07||2,531,400|
|Jul 13, 2021||95.50||102.75||94.50||96.70||96.70||2,158,200|
|Jul 12, 2021||97.13||98.14||92.10||96.05||96.05||1,539,500|
|Jul 09, 2021||89.07||97.40||89.00||97.37||97.37||2,120,600|
|Jul 08, 2021||87.85||92.20||86.66||89.90||89.90||1,941,000|
|Jul 07, 2021||89.47||89.65||85.06||85.99||85.99||1,037,900|
|Jul 06, 2021||88.54||89.40||85.36||88.66||88.66||878,100|
|Jul 02, 2021||90.65||90.91||87.22||87.94||87.94||909,400|
|Jul 01, 2021||93.32||93.89||89.13||90.28||90.28||948,600|
|Jun 30, 2021||96.90||97.22||92.00||92.20||92.20||1,444,600|
|Jun 29, 2021||95.87||98.89||95.35||97.54||97.54||989,900|
|Jun 28, 2021||93.69||99.18||93.62||96.66||96.66||1,153,100|
|Jun 25, 2021||94.10||101.00||93.00||93.43||93.43||2,973,900|
|Jun 24, 2021||91.50||94.56||90.81||93.16||93.16||1,182,400|
|Jun 23, 2021||87.45||93.40||87.07||91.30||91.30||1,868,000|
|Jun 22, 2021||84.52||87.77||82.36||87.03||87.03||1,025,500|
|Jun 21, 2021||87.48||87.48||83.63||84.90||84.90||913,400|
|Jun 18, 2021||89.49||89.80||85.42||86.81||86.81||921,800|
|Jun 17, 2021||87.27||91.08||87.04||89.14||89.14||962,000|
|Jun 16, 2021||88.34||89.65||86.74||88.71||88.71||902,900|
|Jun 15, 2021||89.52||89.55||86.20||88.54||88.54||824,900|
|Jun 14, 2021||91.10||91.78||88.36||89.42||89.42||1,024,700|
|Jun 11, 2021||89.45||92.50||89.25||90.16||90.16||785,200|
|Jun 10, 2021||92.28||92.66||88.75||88.89||88.89||885,700|
|Jun 09, 2021||92.95||94.38||90.74||91.27||91.27||1,040,600|
|Jun 08, 2021||95.00||95.31||89.53||92.18||92.18||1,275,800|
|Jun 07, 2021||91.29||95.07||89.50||93.75||93.75||1,135,500|
|Jun 04, 2021||92.00||92.68||89.29||90.45||90.45||805,300|
|Jun 03, 2021||90.36||92.33||88.61||90.93||90.93||1,508,100|
|Jun 02, 2021||87.66||93.85||85.48||93.45||93.45||2,064,800|
|Jun 01, 2021||86.08||88.31||83.83||85.66||85.66||1,319,400|
|May 28, 2021||88.94||92.47||85.18||85.43||85.43||1,806,100|
|May 27, 2021||85.95||90.25||85.00||89.54||89.54||2,024,300|
|May 26, 2021||79.12||86.05||79.12||85.13||85.13||2,063,700|
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