Overstock.com stock price soared sharply since the beginning of this year amid consumer’s shift towards online retailers. The staying at home and social distancing policies have added to overstock.com share momentum in the last couple of months.

The robust financial numbers also helped in enhancing investor’s sentiments. Its second-quarter revenue of $782.54 million topped analysts’ consensus estimate by $102 million and represents revenue growth of almost 109%.

The revenue growth is driven by tZERO and Medici blockchain business ventures. The second quarter tZERO ATS trading volume came in at a record level of 931K shares, up 231% year over year.

OSTK Overstock.com, Inc. daily Stock Chart

“tZERO and our other Medici Ventures blockchain-based businesses continue to make progress, with several of those companies attracting media attention for their solutions to problems the country now faces,” said Overstock CEO Jonathan Johnson.

The company said its total number of new customers tripled when compared to the past year period. The customers have been buying its core products including home furnishings.

In addition to revenue and customer growth, the company has also generated a sharp growth in margins for the second quarter. Its second-quarter gross profit margin came in at 23%, up 321 bps from the past year period.

Its retail business revenue doubled year over year in the second quarter, with margin growth to 12.9% from 10.5% a year ago.

“If business continues as I expect, our Overstock Retail business will achieve sustainable, profitable growth this year,” CEO Jonathan Johnson.

Overstock.com stock price is currently trading around $118, up more than 116% in the last month, and jumped 1200% since the beginning of this year. Piper Sandler says Overstock.com stock price has more upside potential despite the sharp year to date rally. The firm has provided a price target of $140.

“There are seismic forces at work that have dramatically improved the sales and profitability outlook for OSTK well into the future,” writes Piper analyst Peter Keith.