Redfin Corp.'s stock fell Wednesday, after D.A. Davidson's Tom White turned bearish because it has rallied too far, despite concerns over listing trends.
Shares of Redfin Corp. pulled back from a 15-month high on Wednesday, after D.A. Davidson’s Tom White said they had rallied too far, prompting him to turn bearish on the real estate services company.
Redfin’s stock RDFN has skyrocketed 266.5% year to date through Tuesday, to surpass White’s $10 price target by 60%. In comparison, the S&P 500 index SPX has gained 15.6% this year. Redfin’s stock surge has come despite the fact that White’s research shows that while the company’s listings share in the U.S. has increased slightly in recent months, “it is significantly lagging prior-year periods.”
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