Today’s Research Reports on Stocks to Watch: Overstock and Riot Blockchain
NEW YORK, NY / ACCESSWIRE / December 12, 2017 / Bitcoin involved companies Riot Blockchain and Overstock.com saw big gains on Monday. Riot soared over 45% after Tess Inc., which the company owns a majority stake in, signed an LOI with Cresval Capital Corp. to merge the two companies. Overstock soared higher after it was disclosed that a division of Morgan Stanley, Morgan Stanley Investment Management, has a big stake in the company.
RDI Initiates Coverage on:
Overstock.com, Inc.
https://rdinvesting.com/news/?ticker=OSTK
Riot Blockchain, Inc.
https://rdinvesting.com/news/?ticker=RIOT
Overstock.com, Inc. shares closed up about 22% yesterday on roughly 5.6 million shares traded. The stock soared higher after it was disclosed by Morgan Stanley Investment Management that the group has an 11.4% stake in the company. The disclosure was in a 13G filing this past Friday with the SEC and revealed that the division of Morgan Stanley has almost 2.87 million shares of the company as of November 30th. The last time Overstock saw such big gains was last month when it ran up nearly 31% after a D.A. Davidson analyst Tom Forte forecast the stock seeing more than 60% in gains. Forte has an $85 price target on the stock. According to the analyst, the retailer could sell its home goods e-commerce business to focus on bitcoin through its Medici Ventures division. According to CoinDesk, bitcoin saw a gain of over 9.5% on Monday to hit over $16,500 after it started trading in futures on CBOE (Chicago Board Options Exchange).
Access RDI's Overstock.com, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=OSTK
Riot Blockchain, Inc. shares closed up 45.52% yesterday on explosive trading volume compared to usual. The stock traded a little over 20 million shares compared to an average of just about 3.7 million shares. The company announced that its majority-owned Tess Inc. has entered into a non-binding letter of intent to merge with Cresval Capital Corp. As part of the LOI, Tess Inc. will receive 80 million shares of Cresval and the present shareholders of Cresval will retain 8.4 million shares of the combined company. A merger is expected to be completed by the second quarter of 2018 depending on if the companies enter into a definitive agreement. TessPay CEO Jeff Mason commented, "The decision to take the company public provides us access to traditional capital markets as we continue developing our blockchain technology solution. This environment will also foster transparency and accountability moving forward, providing confidence to investors and prospective customers alike."
Access RDI's Riot Blockchain, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=RIOT
Our Actionable Research on Overstock.com, Inc. (NASDAQ: OSTK) and Riot Blockchain, Inc. (NASDAQ: RIOT) can be downloaded free of charge at Research Driven Investing.
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