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I’m having another good day, in spite of the ES and NQ being green (and the NQ specifically being up nearly triple digits). There’s really one and only one reason for this: weak banks. For whatever reason, I am lassoed to bank stocks, even though they represent only a fraction of my holdings. As the intraday chart below shows, KBE is “catching down” to SPY (in black and blue, respectively, and appropriately):
White Diamond noted that eXp’s stock price has surged more than 400% since mid-May, carrying its market capitalization to $3.3 billion. The company’s closest peers are ReMax and Realogy, which have market caps of $630 million and $1.1 billion, respectively. eXp’s gross profit last year was $84 million, compared to Realogy’s $1.1 billion and ReMax’s $210 million.
The White Diamond team said eXp’s recent rally was driven by a rapid increase in its agent growth and promotion of Virbela, the company’s virtual reality remote meeting program. They praised the company’s agent recruiting system but noted some drawbacks, like the generous commission structure, which is good for the agent but bad for the company. Further, the structure is a multi-level marketing structure.
(more…)ValueWalk’s fourth Contrarian Investor Virtual Conference is in the books with several new ideas from short sellers. Analysts at GlassHouse Research shared their thesis for Columbia Sportswear, for which they see 51% downside in its stock.
The year has had its share of tech initial public offerings, and usually, these tech stocks soar after their IPO. Snowflake Inc (NYSE:SNOW) surged past its IPO price of $120, although since then, it has been range-bound in the $240 to $250 area. Plenty of experts are touting other software stocks instead of Snowflake, so does that mean it’s fully valued? Analyst commentary on the company is mixed.
Analyst David Hynes Jr. of Canaccord Genuity is one of the analysts who have a hold or neutral equivalent rating on Snowflake stock. In a note today, he pointed out that the company has strong numbers. Its product has been on the market for just six years, but the company has a more than $530 billion revenue run rate. Hynes expects the revenue to grow 113% this year and more than 90% next year.
He added that the average Snowflake Inc customer is spending about 60% more with the company each year. Hynes expects the company to reach sustainable profitability in its free cash flow within six quarters. He describes Snowflake as “one of the most impressive stories we have come across in our 15 years covering the space.”
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