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An analyst like Redfin as a company, but believes the stock has gotten too expensive. Stephen Brashear/Getty Images for Redfin
Redfin stock has been on an astonishing tear. Shares of the online real estate site have rallied more than 275% since the end of 2019, including a gain of 16% so far in 2021. At least one analyst thinks the time has come to take some profits off the table.
BTIG analyst Jake Fuller on Tuesday cut his rating on
Redfin (ticker: RDFN) to Neutral from Buy after the stock blew past his now-withdrawn $65 price target. The downgrade isn’t about fundamentals Fuller still thinks fourth-quarter results will beat guidance, with accelerating traffic and “high intent” of buying likely to drive strong revenue and gross margin. But he says the valuation has gotten out of hand.
Nopparat Khokthong/Dreamstime.com
IAC/InterActiveCorp shares were trading higher Tuesday after the internet holding company announced a strong financial update, and Wall Street responded with positive commentary on the stock.
IAC (ticker: IAC) has been issuing monthly financial updates on all of its business lines, and the December update included positive signs from several of its businesses.
Most important, the company said that revenue at Vimeo, a provider of cloud-based video editing tools, rose 57%, accelerating from 54% growth in November and 49% in October. Subscribers were up 24% for the second straight month, increasing from 22% in October, 21% in September and 19% in August.
Superannuation fund executives said that the 5% marker for members who had totally emptied their accounts was typical across many of the funds dealing with early release.
The latest APRA data confirmed that REST was among the top 10 funds impacted by the early release scheme which on their own accounted $24.2 billion of the total $36.8 billion withdrawn under the arrangements.
The APRA data revealed the most affected funds as being:
AustralianSuper which saw 648,518 members withdraw nearly $5 billion;
Cbus which saw 276,634 members withdraw $2.3 billion;
HESTA which saw 227,020 members withdraw $1.8 billion;
Hostplus which saw 426,015 members withdraw just over $3 billion;
MLC Super which saw 170,565 members withdraw $1.3 billion;
Retirement giant clocks 31% quarterly sales boost: death, illness not main driver
10 Jan, 2021 11:59 PM
5 minutes to read
Two-bedroom Summerset villas at The Dunes, Papamoa Beach. Photo / George Novak
A listed retirement business has clocked a 31 per cent sales rise in the latest quarter.
The company saw strong trade in three areas of the country, driven largely by new sales. Illness or death of residents wasn t the main reason for the strong resales - one of the grimmer facts of life in villages.
Summerset Group, with a market capitalisation of $2.9 billion, sold 225 properties in last year s third quarter but that shot up to 296 sales in the final three months of 2020. Of the 296 sales, the majority of 176 sales were for new places due to high development levels.