Overstock.com Inc. shares shot up 22% in active afternoon trade Thursday, putting them on track to close at a 12 1/2-year high, after the online discount retailer’s third-quarter report. The shares have now rocketed 168% over the past three months. Chief Executive Patrick Byrne said in statement that around a the end of 2017, he would be exploring a hybrid business that includes some form of a “click-and-brick,” or online-plus-brick-and-mortar model, or a strategic partnership with a “the right large partner.” Byrne is Overstock’s largest shareholder, with 6.62 million shares, or 26.5% of the shares outstanding, according to FactSet. The stock’s rally could have increased the value of his stake by $58.5 million on Thursday, and by $203.1 million over the past three months. In comparison, shares of online home furnishings company Wayfair Inc. have tumbled 21.5% over the past three months, and the S&P 500 has gained 4.2%.
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