OSTK - Overstock: SEC Subpoena Overvaluation And Competition Create A Short Opportunity

• The pandemic lockdowns caused a surge in online shopping for furniture and home furnishing items.
• This surge, combined with skyrocketing cryptocurrencies, caused Overstock to rise by over 10X in both share-price and valuation.
• Overall, Overstock's much-hyped cryptocurrency platform appears unlikely to materially improve Overstock's fundamentals and may even be causing managerial misdirection.
• Given chronically low profit margins and declining Ecommerce market-share, it seems OSTK's 50X+ forward "P/E" is not justifiable.
• The recent decline in OSTK may only be the beginning of a larger short opportunity.

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