Big changes are happening at Redfin Corporation (NASDAQ:RDFN), which makes the stock worth watching today. The company is among the top gainers of the stock market today, skyrocketing 3.37% or (0.57 points) to $17.49 from its previous close of $16.92. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 576914 contracts so far this session. RDFN shares had a relatively better volume day versus average trading capacity of 1.21 million shares, but with a 79.68 million float and a -0.24% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for RDFN stock indicates that the average analyst price target is $21.38 per share. This means the stock has a potential increase of 22.24% from where the RDFN share price has been trading recently which is between $16.79 and $17.495. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $15.
The shorts are climbing into Redfin Corporation (RDFN) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a rise in short interest in RDFN shares. While short interest still represents only 18.9% of RDFN’s float, the number of shares shorted have risen by 162016. The number of shares shorted advanced to 15219257 shares, up from 15057241 shares during the preceding fortnight. With average daily trading volumes at 633197 shares, days to cover increased to about 14.8362 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Redfin Survey: Less than Half of Homebuyers Said Tax Reform Has Affected their Search” and dated May 17, 2019.
During the recent trading session for Redfin Corporation (NASDAQ:RDFN), the company witnessed their stock rise $0.46 over a week and tumble down $-4.66 from the price 20 days ago. When compared to their established 52-week high of $26.01, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/26/18. The recent low of $13.5 stood for a -32.76% since 11/09/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Redfin Corporation, the two-week RSI stands at 37.76. This figure suggests that RDFN stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current RDFN readings is similarly very revealing as it has a stochastic reading of 10.15% at this stage. This figure means that RDFN share price today is being overbought.
Technical chart claims that Redfin Corporation (RDFN) would settle between $17.35/share to $17.77/share level. However, if the stock price goes below the $16.64 mark, then the market for Redfin Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $16.36 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.6. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Compass Point lowered their recommendation on shares of RDFN from Buy to Neutral in their opinion released on May 09. Wedbush, analysts launched coverage of Redfin Corporation (NASDAQ:RDFN) stock with a Outperform recommendation, according to their flash note issued to investors on April 12. Analysts at Susquehanna lowered the stock to a Neutral call from its previous Positive recommendation, in a research note that dated back to April 08.
RDFN equity has an average rating of 2.8, with the figure leaning towards a bullish end. 15 analysts who tracked the company were contacted by Reuters. Amongst them, 6 rated the stock as a hold while the remaining 9 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 5 analysts rated Redfin Corporation (NASDAQ:RDFN) as a buy or a strong buy while 4 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, RDFN stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 2.98 while for the average stock in the same group, the multiple is 1.36.
Redfin Corporation (RDFN)’s current-quarter revenues are projected to climb by nearly 33.25% to hit $190070, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 34.61% from $486920 to a noteworthy $655440. At the other end of the current quarter income statement, Redfin Corporation is expected to see its adjusted earnings surge by roughly -450% to hit $-0.14 per share. For the fiscal year, RDFN’s earnings are projected to climb by roughly -97.96% to hit $-0.97 per share.