Redfin announces RedfinNow launch in Tucson, reopening in Las Vegas » 11:2204/1404/14/21
RedfinNow, the iBuying…
RedfinNow, the iBuying service from Redfin, has expanded to the Tucson metro area and reopened in Las Vegas after temporarily pausing operations there due to the pandemic, Redfin announced. Jason Aleem, vice president of RedfinNow, said, "We're seeing record-high competition and price growth for homes right now, but the red-hot housing market is a double-edged sword for sellers who are also trying to buy. RedfinNow makes it easy for people to get the money from their current home to buy their next and line up the closings so they only have to move once." RedfinNow is available today to consumers in 22 markets in eight states and the District of Columbia and expanding RedfinNow is "part of Redfin's strategy to give homeowners a complete real estate solution with multiple ways to sell their home and technology to make the process simple," the company said.
Angi Inc. price target raised to $15 from $13 at Piper Sandler » 10:1604/1304/13/21
Piper Sandler analyst…
Piper Sandler analyst Thomas Champion raised the firm's price target on Angi Inc. (ANGI) to $15 from $13 and reiterates a Neutral rating on the shares after IAC (IAC) released monthly metrics through March. The analyst's Q1 revenue estimate moves to $386M from $375M and EBITDA estimate moves to $26.0M from $25.4M.
IAC price target raised to $278 from $267 at Piper Sandler » 10:1604/1304/13/21
Piper Sandler analyst…
Piper Sandler analyst Thomas Champion raised the firm's price target on IAC (IAC) to $278 from $267 and keeps an Overweight rating on the shares after the company released monthly metrics through March that he called "strong." Angi Inc. (ANGI), Vimeo, and Search all had "record" monthly growth, while Dotdash's growth re-accelerated, noted Champion, who has raised his Q1 revenue estimates and long-term estimates following the monthly update.
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Spruce Point short Porch Group, sees up to 70% downside for shares » 10:3604/0804/08/21
Spruce Point issued a new…
Spruce Point issued a new short report on Porch Group, calling it "a classic example of a company that has never found a business model that makes sense." According to the short-seller's report, the company "was in technical default with a going concern warning before using the frothy SPAC market as an opportunity to allow insiders to dump shares." The firm argues that "at best Porch's CEO has unethically portrayed his biography to investors when at The Active Network by concealing his involvement in HelpScore, the predecessor to Porch.com, and at worse committed securities misrepresentation." The firm also said it believes Porch has "recorded a $33M transaction on its book that had absolutely nothing to do with the Company, and made conflicting statements about it to the SEC." Spruce Point, which alleges that Porch "has artificially inflated its gross margin, and positioned this metric to investors as an appropriate valuation metric," sees 50%-70% downside risk for the shares from current levels. In morning trading, Porch shares are down 94c, or 5%, to $16.40. Reference Link
Spruce Point issues short report on Porch.com, sees 70% downside risk 10:3204/0804/08/21
Largest borrow rate increases among liquid names » 08:4504/0704/07/21
ADN, VLDR, IPOE, SUNW, DMYD, PRCH, DGLY, HUN, WOOF, NCTY
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Advent Technologies (ADN) 50.29% +0.68, Velodyne Lidar (VLDR) 37.05% +0.45, Social Capital Hedosophia V (IPOE) 38.68% +0.43, Sunworks (SUNW) 7.79% +0.36, dMY Technology Group Inc II (DMYD) 7.17% +0.32, Porch Group (PRCH) 1.22% +0.24, Digital Ally (DGLY) 21.62% +0.21, Huntsman (HUN) 0.40% +0.15, Petco (WOOF) 1.17% +0.14, and The 9 Limited (NCTY) 44.92% +0.12.
Porch Group completes acquisition of Homeowners of America, $100M deal » 08:2004/0604/06/21
Porch Group successfully…
Porch Group successfully completed its previously announced acquisition of Homeowners of America, making Porch one of the largest Insurance Technology companies. HOA is a Managing General Agent and insurance carrier hybrid with high margins and a capital efficient reinsurance strategy which limits retained risk. Porch acquired HOA for approximately $100M, subject to customary purchase price adjustments, of which approximately $21.7M is payable in Porch common stock. With the acquisition, Porch seeks to create efficient growth with reduced customer acquisition cost through the homebuyers accessed through its vertical software platform, proprietary property data collection and HOA's current licensure in 31 states. Porch plans to expand HOA's Insurtech footprint nationwide through its own insurance offering and HOA's existing independent agent distribution channels. For the full year 2021, the company expects over $270M of pro forma gross written premium between HOA and Porch's existing insurance agency.
Redfin initiated with an In Line at Evercore ISI » 16:3904/0504/05/21
Evercore ISI analyst Mark…
Evercore ISI analyst Mark Mahaney initiated coverage of Redfin with an In Line rating and $75 price target. The analyst views Redfin as a strong fundamental asset within the North American real estate industry but views the stock's risk/return profile as "relatively balanced given its current valuation."
Zillow Group initiated with an Outperform at Evercore ISI » 16:1704/0504/05/21
Evercore ISI analyst Mark…
Evercore ISI analyst Mark Mahaney initiated coverage of Zillow Group with an Outperform rating and $179 price target. He views Zillow as "one of the largest beneficiaries of the robust housing market" and also sees the company's recent IMT margin inflection point and improving iBuying unit economics as "strong signals to justify" the current valuation, the analyst tells investors.
Redfin says median home sale price increased 17% year-over-year » 08:2404/0204/02/21
The median home sale…
The median home sale price increased 17% year-over-year to $335,613, an all-time high, according to a new report from Redfin. "However, year-over-year comparisons may more reflect the fact that this time last year, stay-at-home-orders halted both home-buying and selling activity. They don't necessarily reflect how the housing market has changed over the past year," the company said in a statement. Asking prices of newly listed homes rose 14% year-over-year to $353,500, an all-time high. Pending home sales were up 38% from the same period in 2020, and up 28% from the same period 2019, which was a more typical year for the housing market, Redfin said. Compared to the previous four-week period, pending sales grew 0.9%, the smallest growth between two Redfin housing market reports since the four-week period ending February 21, 2019. The company added that 59% of homes that went under contract had an accepted offer within the first two weeks on the market. "This is a new all-time high for this measure since at least 2012," according to Redfin.