Stocks are trading higher today ahead of the release of the Republican tax plan. Among the names making big moves are financial services provider Longfin Corp (NASDAQ:LFIN), real estate stock Re/Max Holdings Inc (NYSE:RMAX), and shoe manufacturer Crocs, Inc. (NASDAQ:CROX). Here's a quick look at what's moving shares of LFIN, RMAX, and CROX.
Longfin stock has jumped 258.1% to trade at $19.30 -- topping out at an intraday peak of $19.79 just minutes ago -- and earlier was halted for volatile trading. The price action comes after the company announced it's buying Ziddu.com, a micro lender powered by blockchain technology. LFIN stock just began trading publicly on Wednesday, opening at $6.65, after being initially priced at $5 per share.
Re/Max stock has dropped 7.2% to trade at $47.10, earlier touching an annual low of $45.55, after J.P. Morgan Securities downgraded it to "underweight" and cut its price target to $51 from $59, saying the proposed tax bill will hurt home ownership.The shares have been crushed since peaking at $67.50 on Oct. 27, after the company delayed its quarterly earnings report amid an investigation of executive wrongdoing -- a development that the analysts at J.P. Morgan Securities also see as a risk.
Despite the issues on and off the charts, short interest has actually decreased in recent months -- down 40% since mid-August. As it stands now, short interest on RMX is less than 3% of the total float. Meanwhile, three brokerage firms still have "strong buy" recommendations in place.
Crocs is one of the top stocks on the Russell 2000 Index (RUT) today, rallying 16.5% to trade at $12.74 and earlier hitting a two-year high of $12.80, following an upgrade to "buy" at Stifel, which also boosted its price target to $14 from $8. That shares have been on an impressive uptrend since May, gaining almost 76% over the past six months.
Considering this, it wouldn't be surprising to see more bullish analyst attention come the security's way. It's been trading above its current average 12-month price target of $9.79 for more than a month, and not a single brokerage firm has issued a "buy" rating. Keep an eye out for price-target hikes and/or upgrades to keep CROX stock's rally alive.