Redfin Co. (NASDAQ:RDFN) Receives $8.08 Average PT from Brokerages

Redfin Co. (NASDAQ:RDFN) has been assigned an average rating of “Reduce” from the twelve ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $8.08.

RDFN has been the subject of a number of research analyst reports. DA Davidson boosted their target price on shares of Redfin from $6.75 to $7.25 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Redfin in a report on Wednesday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Thursday, May 16th. Citigroup dropped their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Finally, Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $8.00 to $9.00 in a report on Wednesday, May 8th.

Redfin Stock Up 1.0 %

Shares of RDFN opened at $6.01 on Thursday. The company has a market capitalization of $718.01 million, a P/E ratio of -5.05 and a beta of 2.67. Redfin has a one year low of $4.26 and a one year high of $17.68. The business’s 50 day simple moving average is $6.33 and its 200-day simple moving average is $7.19. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.33 and a quick ratio of 1.33.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.76%. The company had revenue of $225.50 million for the quarter, compared to analyst estimates of $217.79 million. During the same quarter in the previous year, the firm earned ($0.93) earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Redfin will post -1.11 EPS for the current fiscal year.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $6.96, for a total transaction of $25,278.72. Following the completion of the transaction, the insider now owns 57,274 shares in the company, valued at $398,627.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its holdings in shares of Redfin by 89.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 360,212 shares of the company’s stock valued at $3,717,000 after purchasing an additional 169,654 shares in the last quarter. Valeo Financial Advisors LLC acquired a new position in shares of Redfin in the fourth quarter valued at approximately $206,000. Charles Schwab Investment Management Inc. increased its position in shares of Redfin by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock worth $9,140,000 after acquiring an additional 29,618 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Redfin by 1.2% during the third quarter. Vanguard Group Inc. now owns 15,977,561 shares of the company’s stock worth $112,482,000 after acquiring an additional 192,162 shares in the last quarter. Finally, Trexquant Investment LP raised its holdings in shares of Redfin by 208.8% during the fourth quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock worth $6,377,000 after acquiring an additional 417,811 shares during the period. 61.07% of the stock is owned by institutional investors and hedge funds.

Redfin Company Profile

Redfin Corporation operates as a residential real estate brokerage company in the United States and Canada. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in the purchase or sell of home. It also provides title and settlement services; and originates and sells mortgages.