What happened

Investors prescient enough to buy shares of Overstock.com (NASDAQ:OSTK) on March 16 at $2.53 per share should definitely celebrate today. As of 12:30 p.m. EDT on Thursday, the stock is up another 26% after reporting blowout results for the second quarter of 2020. 

From the absolute bottom to today's top, Overstock is a 30-bagger -- one of the most incredible runs you'll ever see in under five months.

OSTK Chart

OSTK data by YCharts. Note: this chart doesn't track from the lowest share price, only from the close on March 16.

So what

Overstock's total net revenue increased to $783 million in Q2. For perspective, it only generated $374 million last year. So net revenue more than doubled year over year. This led to a net profit of $36.4 million, a stark contrast to the $24.7 million loss the company posted last year.

Growth for Overstock has also been across the board. The company's retail segment accounts for the vast majority of its revenue, but its other segments posted growth as well. Revenue from tZero, a capital markets platform that runs on blockchain technology, surged 129% year over year. And its Medici Ventures, which also deals with blockchain technologies, saw revenue up 317%. 

A man draws an upward arrow on a stock chart displayed on a transparent touchscreen.

Image source: Getty Images.

Now what

When researching stocks, understanding customer metrics is important. For Overstock, there are a few encouraging data points for investors to consider. First-time customers for Overstock's retail business were up 205% from last year. People using tZero's crypto app are up 100% so far in 2020. And the company was also recently selected to help build a business-to-business e-commerce platform for the U.S. government. 

All of this suggests Q2 wasn't a fluke. If Overstock can retain the new business it's acquired during the COVID-19 pandemic, then its eye-popping stock gains from 2020 lows certainly look justified. That's something for shareholders to monitor in coming quarters.