Why Redfin Stock Blasted Almost 13% Higher This Week
Mirroring the resilient U.S. housing market it's deeply invested in, Redfin (NASDAQ: RDFN) stock pushed higher in trading this week. Over the course of the five market days, according to data compiled by S&P Global Market Intelligence, the online real estate portal operator's share price rose by nearly 13%.
The immediate catalyst actually occurred toward the end of last week when Redfin released its first-quarter earnings report. Although the company's revenue fell steeply on a year-over-year basis, it still trounced analyst projections. Ditto for its net loss according to generally accepted accounting principles (GAAP) standards, which was far narrower than those pundits had anticipated.
The following week, two of those pundits got notably more bullish on Redfin's stock. One was Oppenheimer's Jason Helfstein, who raised his price target to $8.50 per share from his previous $7.00. Stephens' John Campbell, meanwhile, made a more modest increase, bumping his level higher to $11 for a $0.50 raise.
Source Fool.com
