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

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

Analysts Set New Price Targets

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

RE/MAX Trading Down 2.9 %

Shares of NYSE:RMAX opened at $11.94 on Monday. The stock’s fifty day simple moving average is $12.23 and its two-hundred day simple moving average is $10.72. RE/MAX has a 1-year low of $6.94 and a 1-year high of $14.31. The stock has a market cap of $225.33 million, a PE ratio of -22.11 and a beta of 1.34.

Insiders Place Their Bets

In other news, major shareholder Adam K. Peterson acquired 27,366 shares of the stock in a transaction dated Monday, November 18th. The stock was bought at an average price of $10.96 per share, with a total value of $299,931.36. Following the completion of the purchase, the insider now directly owns 3,178,040 shares of the company’s stock, valued at $34,831,318.40. This represents a 0.87 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.99% of the company’s stock.

Hedge Funds Weigh In On RE/MAX

Several large investors have recently bought and sold shares of RMAX. Price T Rowe Associates Inc. MD increased its holdings in RE/MAX by 29.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,443 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 5,390 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in RE/MAX in the 2nd quarter worth about $1,778,000. Nisa Investment Advisors LLC boosted its stake in RE/MAX by 19,729.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,354 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 5,327 shares during the period. Bank of New York Mellon Corp boosted its stake in RE/MAX by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 82,119 shares of the financial services provider’s stock worth $665,000 after purchasing an additional 15,479 shares during the period. Finally, Summit Securities Group LLC bought a new position in RE/MAX in the 2nd quarter worth about $180,000. 93.17% of the stock is currently owned by institutional investors.

About RE/MAX

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.