reAlpha Tech (NASDAQ:AIRE) Shares Climb 6.7% – Here’s What Happened

reAlpha Tech Corp. (NASDAQ:AIRE)’s stock price traded up 6.7% during trading on Friday. The company traded as high as $1.1592 and last traded at $1.12. Approximately 20,296 shares were traded during mid-day trading, a decline of 50% from the average session volume of 40,460 shares. The stock had previously closed at $1.05.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of reAlpha Tech in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.00.

reAlpha Tech Stock Up 6.7%

The firm has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $2.70. The company has a market cap of $6.73 million, a PE ratio of -0.34 and a beta of -2.56.

reAlpha Tech (NASDAQ:AIRE) last announced its earnings results on Friday, August 14th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.18. reAlpha Tech had a negative net margin of 419.95% and a negative return on equity of 198.91%. The business had revenue of $1.11 million during the quarter, compared to the consensus estimate of $3.10 million.

Institutional Investors Weigh In On reAlpha Tech

An institutional investor recently bought a new position in reAlpha Tech stock. BlackRock Inc. purchased a new position in reAlpha Tech Corp. (NASDAQ:AIRE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 40,658 shares of the company’s stock, valued at approximately $78,000. BlackRock Inc. owned about 0.76% of reAlpha Tech at the end of the most recent quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

About reAlpha Tech

reAlpha Tech Corp. (NASDAQ:AIRE) is a technology company focused on applying artificial intelligence to the real estate industry. The company develops software and digital platforms intended to simplify property discovery, analysis, transactions and ownership for consumers and real estate professionals.

Its flagship reAlpha platform was developed to support investment in short-term rental properties, including through a fractional ownership model designed to lower the barriers to participating in real estate investing.