Redfin (NASDAQ:RDFN) Reaches New 52-Week High at $11.66

Redfin Co. (NASDAQ:RDFN)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $11.66 and last traded at $11.56, with a volume of 10857215 shares traded. The stock had previously closed at $9.32.

Analyst Upgrades and Downgrades

A number of research firms have commented on RDFN. DA Davidson reiterated a “neutral” rating and issued a $7.25 price target on shares of Redfin in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. reduced their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Stephens raised shares of Redfin from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $8.00 to $9.00 in a research report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Finally, Citigroup reduced their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Redfin presently has a consensus rating of “Hold” and a consensus target price of $7.18.

Redfin Stock Performance

The company has a fifty day moving average price of $7.23 and a 200 day moving average price of $6.76. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market cap of $1.35 billion, a P/E ratio of -9.31 and a beta of 2.65.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.25) EPS. On average, equities analysts expect that Redfin Co. will post -1.14 EPS for the current year.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the completion of the sale, the insider now owns 71,720 shares in the company, valued at approximately $663,410. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RDFN. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Redfin by 30.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,218 shares of the company’s stock valued at $260,000 after acquiring an additional 5,892 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Redfin during the 4th quarter valued at approximately $844,000. Victory Capital Management Inc. boosted its holdings in Redfin by 24.9% in the 4th quarter. Victory Capital Management Inc. now owns 14,856 shares of the company’s stock worth $153,000 after buying an additional 2,957 shares during the period. Los Angeles Capital Management LLC grew its stake in Redfin by 113.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 126,835 shares of the company’s stock valued at $1,309,000 after buying an additional 67,290 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Redfin by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock valued at $9,140,000 after acquiring an additional 29,618 shares during the period. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.