Winning CLGX Stock Forecast: Innovative Platform Launch leads to gain of 26.17% in 7 days
In the period from June 25 to July 2, CoreLogic, Inc. (NASDAQ: CLGX) stock experienced growth of 26.17%, in agreement with I Know First’s forecasting algorithm which gave it a strong buy rating.
CoreLogic Inc Business Overview
CoreLogic, Inc. is in the financial services industry, focusing specifically on the housing market. It provides analysis and solutions based on a big data, and uses it to connect people within the same industry. This system allows for more accurate valuations, and improved underwriting, risk management and market intelligence.
CoreLogic, Inc’s data is both credible and extensive. It utilizes information from over 4.5 billion records spanning over 50 years, it has access to greater than 99.9% of all US property records, and CLGX holds itself to 99.5% accuracy standards. On top of that, CoreLogic, Inc. has a well-qualified team including 24 PhDs and 44 Master’s. This extensive access and reliability have allowed CoreLogic, Inc. to represent 97% of American real estate transactions.
CoreLogic, Inc’s comprehensive data also contributes to industries outside of real estate such as automotive, capital markets, government, insurance, legal, mortgage, oil and gas, telecommunications, and utilities. This flexibility means that the company’s services can be utilized by real estate professionals, financial institutions, insurance carriers, government agencies, and other housing market participants across North America, Western Europe, and Asia Pacific.
What Could Trigger the Recent Surge?
On April 30, CLGX released its 1Q 2020 financial results. The revenue of $444 million is the highest quarterly revenue to date, showing a 6% increase from the first quarter of 2019 and a 4% increase from the previous quarter. In addition, operating income increased 216% to $67 million.
CoreLogic, Inc. is optimistic for the second quarter of 2020 due to more volume in the US mortgage market. The company has accordingly raised their expected Q2 revenue to $455-$465 million.
The housing market has remained stable so far during the pandemic. This is in large part due to historically low mortgage rates that many are jumping on while they have the chance. This stability is very positive for CoreLogic, Inc. in an economy where so many markets are dropping.
Due to its heavy online presence, CoreLogic, Inc. has managed to adapt to the situation that the pandemic has caused. CLGX acquired HomeVisit in 2018, which uses advanced technology to maximize virtual tours. HomeVisit uses 3D models, aerial photos and videos, and single-property websites to create an immersive online tour without losing any of the in-person benefits. This feature of CLGX is particularly crucial in this time of quarantine and social distancing, where online alternatives are proving to be a necessity.
Within the past week, CoreLogic, Inc. launched its new platform OneHome, which utilizes artificial intelligence to unify the homebuying experience in one place. This platform is scheduled to be available across the US by the end of 2020, allowing real estate agents, mortgage and insurance to providers, home improvement professionals, and clients to all communicate on one platform. This virtual marketplace will use AI to help find the best home for the client, increasing the efficiency of the homebuying experience. This is imperative due to the challenges caused by the pandemic and will reduce Covid-19’s effect on the housing economy.
To conclude, CLGX stock performed well, and has a strong outlook for the future given its launch of OneHome that is well timed due to the current reliance on technology.
I Know First Algorithmic Forecast for CLGX
The I Know First algorithm was able to predict the strong increase in CLGX stock price due to a variety of factors including its strong first quarter and ability to weather the coronavirus. On June 25, I Know First issued a bullish 7-day forecast of CLGX, with a signal of 0.49 and a predictability indicator of 0.17. The forecast issued in this article was issued as a part of the 52 Week High Stocks Package.
Algorithmic traders utilize these daily forecasts by the I Know First market prediction system as a tool to enhance portfolio performance, verify their own analysis and act on market opportunities faster. This forecast was sent to current I Know First subscribers.
Please note – for trading decisions use the most recent forecast.
