NEW YORK (TheStreet) -- Overstock.com (OSTK) shares are up 3.37 to $17.81 in early market trading on Wednesday after the company's CEO told Reuters that his company expects its acceptance of bitcoin as a form of payment to increase its fiscal year profit by 4 cents per share.
The online retailer started accepting bitcoin in January and has generated over $2 million in sales through the digital currency since.
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CEO Patrick Bryne said he expects bitcoin sales to be in the $6 million to $8 million range for the year, mostly from new customers. The company expects to generate $1.5 billion in sales this year.
The company said that it will accept bitcoin payments from international customers starting in September.
TheStreet Ratings team rates OVERSTOCK.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OVERSTOCK.COM INC (OSTK) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow."