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Redfin (RDFN) Surges 25.7%: Is This an Indication of Further Gains?
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Redfin (RDFN - Free Report) shares soared 25.7% in the last trading session to close at $14.45. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 51.3% gain over the past four weeks.
The increased investor optimism in the stock can be attributed to the recent decline in mortgage rates, which is likely to provide an impetus to the United States’ second-home demand.
This real estate broker is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of -5.9%. Revenues are expected to be $280.79 million, up 4.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Redfin, the consensus EPS estimate for the quarter has been revised 6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RDFN going forward to see if this recent jump can turn into more strength down the road.
Redfin is a member of the Zacks Real Estate - Operations industry. One other stock in the same industry, Colliers International (CIGI - Free Report) , finished the last trading session 2% higher at $146.63. CIGI has returned 5.2% over the past month.
Colliers International's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.49. Compared to the company's year-ago EPS, this represents a change of +25.2%. Colliers International currently boasts a Zacks Rank of #3.
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Redfin (RDFN) Surges 25.7%: Is This an Indication of Further Gains?
Redfin (RDFN - Free Report) shares soared 25.7% in the last trading session to close at $14.45. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 51.3% gain over the past four weeks.
The increased investor optimism in the stock can be attributed to the recent decline in mortgage rates, which is likely to provide an impetus to the United States’ second-home demand.
This real estate broker is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of -5.9%. Revenues are expected to be $280.79 million, up 4.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Redfin, the consensus EPS estimate for the quarter has been revised 6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RDFN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Redfin is a member of the Zacks Real Estate - Operations industry. One other stock in the same industry, Colliers International (CIGI - Free Report) , finished the last trading session 2% higher at $146.63. CIGI has returned 5.2% over the past month.
Colliers International's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.49. Compared to the company's year-ago EPS, this represents a change of +25.2%. Colliers International currently boasts a Zacks Rank of #3.