The Stock That's Tripled On Blockchain Buzz

Plus, Crocs stock has been on fire in recent months

Dec 15, 2017 at 2:05 PM
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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.

LFIN Stock Surges On Ziddu Purchase

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.

Tax Bill Could Hurt Re/Max

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 Stock Hits Another High

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.
 

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