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ZG - Zillow Inc News Story

$111.03 1.2  1.1%

Last Trade - 3:45pm

Sector
Financials
Size
Large Cap
Market Cap £19.36bn
Enterprise Value £17.63bn
Revenue £2.44bn
Position in Universe 459th / 6856

BUZZ-Redfin dips on $500 mln convertible offering

Mon 22nd March, 2021 12:54pm
** Shares of online real estate broker Redfin Corp  RDFN.O 
down 1.4% at $71.40 on light premarket volume after co announces
convertible bond (CB) deal
    ** RDFN offering privately $500 mln 6-yr CBs  urn:newsml:reuters.com:*:nPn7cMyWTa
    ** Co to use net offering proceeds to pay cost of capped
call transactions; remainder for working capital and general
corp purposes, which may include investments or acquisitions
    ** On Feb 19, stock rose ~12% to record high close of $96.59
after co said will buy Atlanta-based RentPath for $608 mln in
cash to boost its rental home market presence  urn:newsml:reuters.com:*:nL4N2KP39M
    ** Avg rating on RDFN among 14 covering analysts is "hold"
with $84 median PT, per Refinitiv    
    ** Shares have gained 500% over the past one year and have
~$7.5 bln market cap (Refinitiv)
    ** In comparison, shares of larger peer Zillow Group Inc
 ZG.O  (~$33 bln market value) have risen ~470% over past 12
months, while eXp World Holdings Inc's  EXPI.O  stock has soared
1,300% over the same time frame

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))
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