Rightmove have been given a strong endorsement by an influential stock market tipster service, Investing.com.
“Rightmove has built a strong brand, delivered impressive profit growth and created shareholder value over the past decade” says the US-based investment site.
“It has benefited from increasing interest in real estate and homeownership in the UK. Many Britons spend considerable time on the platform when they search for a property to rent or buy” it continues.
In February 2020, shortly before the pandemic hit, Rightmove’s share price hit an all-time high of almost 700p per share; this then went into freefall the following month as parts of the world went into lockdown, dropping to just 420p in late March 2020.
However, since then the portal’s share price success story has been almost continually upwards and in the past month alone it’s risen over 12 per cent.
While Investing.com says that Rightmove shares are not necessarily a bargain purchase right now - they have increased in value to over 640p a share recently, in response to the stamp duty holiday and surge in transactions - it is more enthusiastic about future prospects of the portal.
“Over the long-term … we are bullish on Rightmove stock” it says.