Long Position on RDFN @ $42.00 on 7/28/2020 (Momentum)

Redfin Corporation (RDFN) operates as a real estate brokerage company in the United States and Canada.

The company operates an online real estate marketplace and provides real estate services, including assisting individuals in the purchase or sell of home. It also provides title and settlement services; originates and sells mortgages; and buys and sells homes.

The company was formerly known as Appliance Computing Inc. and changed its name to Redfin Corporation in May 2006.

Redfin Corporation was incorporated in 2002 and is headquartered in Seattle, Washington.

Redfin reported a 1st Quarter March 2020 loss of $0.64 per share on revenue of $191.0 million. The consensus estimate was a loss of $0.73 per share on revenue of $183.2 million. Revenue grew 73.4% on a year-over-year basis.

The company said it expects second quarter revenue of $179.0 million to $189.0 million. The current consensus revenue estimate is $195.8 million for the quarter ending June 30, 2020.

Please note, this stock reports earnings on Thursday, July 31st. 

Following the positive news of increased home sales and listings, this stock is shaping up along its "bullish cup and handle" to have a strong earnings report.

Entry point: $42.00

52-week trade range: $9.63 - $43.97

Stop/Loss: $39.85

Target Price: $46.35

Updates

8/7/2020 11:15:57 AM

Closed at $46.40

Position closed on 8/7/2020 at price of $46.40 with a 10.48% gain in 10 days.

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