The stock of Redfin Corporation (NASDAQ:RDFN) is now priced at $43.69 and the shares are 0.31 points up or 0.71% higher compared to its previous closing price of $43.38. The stock had 1.964 million contracts set over the past session. RDFN shares’ daily volume is compared to its average trading volume at 1.522 million shares. However, it has a float of 92.93 million and although its performance was 5.07% over the week, it’s one to watch. Analysts have given the RDFN stock a yearly average price target of $34.77 per share. It means the stock’s downside potential is -20.42% with the RDFN share price recently placing at $42.81 to $47.12. However, some brokerage firms have priced the stock below the average, including one that has called $25.
The shorts are running away from the Redfin Corporation stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the RDFN shares have declined. Short interest in the stock represents just 10.4% of its float, but the volume has dropped by -1311412. The volume of shorted shares dropped to 9.668 million from 10.979 million shares over the last two weeks. The average intraday trading volume has been 1.42 million shares, which means that days to cover moved to roughly 6.808734.
In the last trading session, Redfin Corporation (NASDAQ:RDFN) raised by $2.11 over the week and gained $6.55 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $47.12. The stock recorded its established 52-week high on 08/07/20.
Since 03/18/20, the stock has traded to a low of $9.63 at 353.69%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Redfin Corporation’s two-week RSI is 60.14. This suggests that the stock is neutral at the moment and that RDFN shares’ price movement remains stable. The stochastic readings are equally revealing at 67.28% meaning the RDFN share price is currently in neutral territory.
The technical chart shows that the RDFN stock will likely settle at between $46.27 and $48.85 per share. However, if the stock dips below $41.96, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $40.23.
Currently, the stock is trading in the green of MACD, with a reading of 1.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Compass Point cut their recommendation for RDFN from Buy to Neutral in August 03 review while maintai their target price of $36. Susquehanna analysts downgraded their recommendation of the stock from Neutral to Negative in a flash note released to investors on July 28. BofA Securities seeing the stock struggling downgraded it from Neutral to Underperform on July 13 placing it at $24.
The average rating for the RDFN equity is 2.38 and is currently gathering a bullish momentum. Of 16 analysts tracking Redfin Corporation polled by Reuters, 8 rated RDFN as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 530.4. Redfin Corporation has its P/E ratio at 12.2, which means that the stock is currently trading at a premium relative to the 1.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Redfin Corporation (NASDAQ:RDFN) will decrease by about -99.9%, which will see them reach $221.06 million. The company’s full-year revenues are, however, expected to increase by about 6.94%, up from $779.8 million to $833.88 million. RDFN’s expected adjusted earnings should surge almost 185.71% to end up at $0.2 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -43.18% to record -$0.5/share.