RE/MAX Holdings, Inc. (NYSE:RMAX) Sees Significant Decrease in Short Interest

RE/MAX Holdings, Inc. (NYSE:RMAX) was the target of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 563,600 shares, a drop of 23.4% from the November 15th total of 735,500 shares. Currently, 3.3% of the shares of the stock are sold short. Based on an average daily volume of 238,300 shares, the days-to-cover ratio is presently 2.4 days.

RE/MAX Stock Performance

RMAX opened at $11.94 on Monday. RE/MAX has a 52-week low of $6.94 and a 52-week high of $14.31. The stock has a market capitalization of $225.33 million, a PE ratio of -22.11 and a beta of 1.34. The stock’s 50 day moving average price is $12.23 and its 200-day moving average price is $10.72.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded RE/MAX from a “hold” rating to a “buy” rating in a research report on Thursday, November 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.38.

Insiders Place Their Bets

In related news, major shareholder Adam K. Peterson bought 27,366 shares of the business’s stock in a transaction on Monday, November 18th. The stock was acquired at an average price of $10.96 per share, for a total transaction of $299,931.36. Following the purchase, the insider now directly owns 3,178,040 shares in the company, valued at $34,831,318.40. This trade represents a 0.87 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RE/MAX

Several hedge funds have recently made changes to their positions in the business. Magnolia Group LLC increased its stake in shares of RE/MAX by 2.8% during the second quarter. Magnolia Group LLC now owns 3,124,152 shares of the financial services provider’s stock valued at $25,306,000 after buying an additional 86,309 shares during the period. Assenagon Asset Management S.A. boosted its holdings in RE/MAX by 138.8% in the third quarter. Assenagon Asset Management S.A. now owns 524,188 shares of the financial services provider’s stock worth $6,526,000 after acquiring an additional 304,694 shares in the last quarter. AQR Capital Management LLC boosted its holdings in RE/MAX by 14.9% in the second quarter. AQR Capital Management LLC now owns 516,953 shares of the financial services provider’s stock worth $4,187,000 after acquiring an additional 66,960 shares in the last quarter. State Street Corp boosted its holdings in RE/MAX by 6.6% in the third quarter. State Street Corp now owns 435,652 shares of the financial services provider’s stock worth $5,424,000 after acquiring an additional 27,131 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in RE/MAX by 1.9% in the third quarter. Geode Capital Management LLC now owns 415,791 shares of the financial services provider’s stock worth $5,178,000 after acquiring an additional 7,688 shares in the last quarter. 93.17% of the stock is owned by hedge funds and other institutional investors.

RE/MAX Company Profile

RE/MAX Holdings, Inc operates as a franchisor of real estate brokerage services in the United States, Canada, and internationally. It operates through Real Estate, Mortgage, and Marketing Funds segments. The company offers real estate brokerage franchising services under the RE/MAX brand; mortgage brokerage services to real estate brokers, real estate professionals, mortgage professionals, and other investors under the Motto Mortgage brand; and mortgage loan processing software and services under the wemlo brand.