After a prescient call on FTX, investors pile into Marc Cohodes' long Overstock.com

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By AiVIF.com Staff

Overstock.com (NASDAQ:OSTK) is notably higher for the second straight session after short-seller Marc Cohodes pounded the table long on the stock in an interview with HedgeyeTV on Friday.

While Cohodes' bullishness on Overstock is well known, his recent prescient call on the collapse of FTX has investors taking a second look at the investment prowess of the legendary short seller. Cohodes was calling out FTX and its founder Sam Bankman-Fried weeks before the epic collapse of the crypto brokerage and trading firm.

In his bullish call on Overstock, the investor highlighted that part of his bullish thesis is based on the fact that two of the company's competitors, Wayfair (NYSE:W) and Helen of Troy Ltd (NASDAQ:HELE), are over-levered. As the two debt-laden companies pull back due to economic weakness, Overstock, which has no debt, can pick up market share. Cohodes is short both Wayfair and Helen of Troy.

Cohodes also said, with a market cap of just $1 billion, it wouldn't be a surprise for a company like Target (NYSE:TGT) to one day just buy out Overstock for its discount retail business.

In addition to the discount retail business, which is admittedly seeing a slowdown right now, Cohodes is very bullish on Overstock's tZERO business.

With other crypto trading firms losing investors' faith in the wake of FTX, tZERO stands to take share. It can also tokenize things like the NFL in the future. Cohodes was very bullish on the fact that former Intercontinental Exchange (NYSE:ICE) (IC) executive David Goone took over as CEO of tZERO earlier this year. The investor highlighted that Goone gave up his $5 million annual salary at ICE for compensation mostly made up of tZERO equity. ICE has also become a significant minority shareholder of tZERO.

Overall, Cohodes thinks tZERO could itself become worth $5-$15B.

In addition to the Cohodes call on Overstock, shares are benefiting today from a couple of insider buys from directors Joseph Tabacoo Jr. and Johathan Johnson III.

Further to his bullish call on Overstock.com, Cohodes was also bullish on Camping World Holdings Inc (NYSE:CWH). He notes the dividend of CWH is yielding over 9%, so you get paid while waiting for the next upcycle. He said Camping World's CEO, Marcus Lemonis, is the best CEO and is a cut-throat operator.