{"id":37878,"date":"2023-07-19T18:16:38","date_gmt":"2023-07-19T22:16:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/sell-opendoor-and-redfin-stock-analyst-says-the-rally-is-overdone\/"},"modified":"2023-07-19T18:16:40","modified_gmt":"2023-07-19T22:16:40","slug":"sell-opendoor-and-redfin-stock-analyst-says-the-rally-is-overdone","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37878","title":{"rendered":"Sell Opendoor and Redfin Stock, Analyst Says. The Rally Is Overdone."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

Shares of
\n Redfin
\n and
\n Opendoor
\n Technologies have had an unbelievable run this year. But Gordon Haskett\u2019s Robert Mollins says the party ends here. <\/p>\n

The analyst on Wednesday downgraded the two real estate stocks to Underperform, the equivalent of Sell, from Hold.<\/p>\n

\n

Mollins raised the price targets for Redfin and Opendoor by about a dollar each to $10 and $3, respectively. Redfin stock fell about 4.5% to $15.23 in recent Wednesday trading, while Opendoor was down 0.3% at $4.38.<\/p>\n

Shares of
\n Redfin
\n (ticker: RDFN) and
\n Opendoor
\n (OPEN) have soared 276% and about 279%\u00a0<\/strong>this year, respectively, putting the
\n S&P 500
\n \u2018s 19% gain to shame. The rise is partly driven by investors\u2019 hopes that the Federal Reserve will eventually end its aggressive series of interest-rates increases that started last year. A long pause in rate increases or rate cuts could help stabilize or push down mortgage rates and in turn boost home sales. Rates on a 30-year fixed mortgage are now near 7%, higher than 5.5% the same time last year.<\/p>\n

Mollins says the stocks\u2019 run is overdone. \u201cWe think the housing market recovery is more than priced into the shares. There has been a lot of focus on improving housing dynamics over the past couple of months,\u201d he wrote in a Wednesday note.<\/p>\n

Investors\u2019 upbeat view on the housing market has blinded them to the fact that the fundamentals of the companies matter, the analyst added.<\/p>\n

In its latest earnings call in May, Redfin projected\u00a0<\/strong>adjusted Ebitda\u2014earnings before interest taxes, depreciation, and amortization\u2014to be between negative $9 million and positive $1 million for the second quarter that ended in June. <\/p>\n

Opendoor, meanwhile, forecast Ebitda losses between $180 million and $200 million for the same period. Quarterly adjusted Ebitda turned negative for Redfin in the 2022 first quarter, and has stayed in the red since then. Opendoor\u2019s adjusted Ebitda has been negative for the past three quarters\u2019 results. <\/p>\n

During Opendoor\u2019s May earnings call, CFO Christy Schwartz said Ebitda should improve at the back half of the year as the firm works through its old inventory of homes, which were purchased when prices were higher last year. <\/p>\n

Redfin didn\u2019t immediately respond to a request for comment. <\/p>\n

\u00a0Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Redfin and Opendoor Technologies have had an unbelievable run this year. But Gordon Haskett\u2019s Robert Mollins says the party ends here. The analyst on Wednesday downgraded the two real estate stocks to Underperform, the equivalent of Sell, from Hold. Mollins raised the price targets for Redfin and Opendoor by about a dollar each […]<\/p>\n","protected":false},"author":1,"featured_media":37879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-37878","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSell Opendoor and Redfin Stock, Analyst Says. The Rally Is Overdone. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Redfin and Opendoor Technologies have had an unbelievable run this year. 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