Utah-based Overstock experiencing record growth

Local News

Salt Lake City, Utah- (News4Utah) – If you’ve checked your 401k or other investments lately, you know it’s been a good year for business.

It was a banner year for the stock market. Many Utah companies contributed to that success in 2017, including Overstock.

The Utah-based online retailer has seen massive gains over the last year.

The company’s stock price started 2017 at $17.75 a share. Tuesday, it closed at $81.10 a share.

Its market cap has soared from $300 million to more than $2 billion.

“I really think it’s all about our people. We have really smart, innovative people who are working on incredible projects that are on the cutting edge of technology,” said Meghan Tuohig, VP of People Care.

Those projects include mobile shopping platforms, and advancements in augmented reality and artificial intelligence.

Diversification has also been a key part of the company strategy. Through a subsidiary, known as Medici Ventures, Overstock has been a major player in blockchain and cryptocurrency.

“We’re investing in blockchain companies that are working on solutions for money in banking, capital markets, identity, voting systems, property registry and underlying blockchain technology,” said Director of Research Julie Smith.

Most of the work is happening on a 19 acre campus known as the Peace Coliseum. Chuck-full of amenities, it serves as headquarters. Where there is room for more talent.

“We are always looking for very bright, smart people across all levels of the organization. There is a lot of opportunity here at Overstock,” said Tuohig.

2017 was also a year of expansion for the company. Overstock opened up two new facilities in Washington state.

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