Stock Alert: Overstock.com Shares Up 24% In Premarket

(RTTNews) - Shares of Overstock.com Inc. (OSTK) are surging over 24% in pre-market today, following the company's narrower loss in Q1 and a 120% jump in April retail sales.

The company's Q1 net loss attributable to stockholders was $16.3 million or $0.40 per share, narrower than the previous year's loss of $39.2 million or $1.18 per share last year.

Total net revenue declined 4% to $351.6 million from $367.7 million generated a year ago.

Meanwhile, the company has seen an increase in website traffic and new customers, and its retail sales have accelerated to over 120% year over year growth in April.

"In a time of great uncertainty, Overstock is performing well," said Overstock CEO Jonathan Johnson. "Our retail business, which was already on track to achieve its first quarter plan before the COVID-19 crisis hit full bore, has benefited from an increased demand for home furnishings and other key product categories from customers looking to shop from the safety of their homes..."

The stock has been trading in the range of $2.53 - $29.75 for the past one year, and closed Wednesday's trade at $12.08, up 8 cents or 0.67%. OSTK is currently trading at $15.00, up $2.92 or 24.17% in the pre-market trading session.