Estimize, providers of a crowdsourced stock and economic indicator estimates, has announced the launch of a new analyst ‘follow’ features on their platform. With the new features, users will be able to follow and be alerted when their favorite analysts provide new estimates. According to Estimize, which posted about the following feature on their blog, the addition comes after being requested by users over the past few years.
Launching initially with stock estimates, Estimize added crowdsourced data for US economic data earlier this year. Founded by former hedge fund analyst, Leigh Drogen, in 2011, the Estimize platform aggregates estimates using data from private users registered on the site along with professional buy and sell-side analysts. Since launching, according to Estimize, their consensus estimates have proven to be 69% more accurate than Wall Street forecasts. Similar to other crowdsourced trading projects, the forecasts are often a gauge of overall trader sentiment which has led to estimates adjusting more quickly to trend changes.
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While Estimize has offered following in the past, the feature was limited to only being alerted about estimate changes of selected stocks and economic indicators. With the new analyst, following, it provides an additional ‘social’ element which has proven to be popular among copy trading platforms in the online forex and CFD industry. In adding the feature, Estimize believes that in addition to traders and investors being able to get instant alerts when followed, analysts providing updates on their forecasts, it also provides an easy way for professional analysts and sell-side brokers to be up to date with their colleagues and competitors’ opinions.