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Redfin (RDFN) Surges 15.2%: Is This an Indication of Further Gains?
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Redfin (RDFN - Free Report) shares ended the last trading session 15.2% higher at $13.87. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 30.7% gain over the past four weeks.
This increased investor optimism can be attributed to the favorable operating environment amid the rise in mortgage applications for home purchases.
This real estate broker is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of +56.2%. Revenues are expected to be $274.96 million, down 54.7% 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 remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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, Douglas Elliman Inc. (DOUG - Free Report) , finished the last trading session 2.8% lower at $2.10. DOUG has returned -29.6% over the past month.
Douglas Elliman Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of -263.6%. Douglas Elliman Inc. currently boasts a Zacks Rank of #4 (Sell).
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Redfin (RDFN) Surges 15.2%: Is This an Indication of Further Gains?
Redfin (RDFN - Free Report) shares ended the last trading session 15.2% higher at $13.87. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 30.7% gain over the past four weeks.
This increased investor optimism can be attributed to the favorable operating environment amid the rise in mortgage applications for home purchases.
This real estate broker is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of +56.2%. Revenues are expected to be $274.96 million, down 54.7% 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 remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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, Douglas Elliman Inc. (DOUG - Free Report) , finished the last trading session 2.8% lower at $2.10. DOUG has returned -29.6% over the past month.
Douglas Elliman Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of -263.6%. Douglas Elliman Inc. currently boasts a Zacks Rank of #4 (Sell).