Redfin Co. (NASDAQ:RDFN) Receives Average Recommendation of “Reduce” from Brokerages

Redfin Co. (NASDAQ:RDFN) has received an average rating of “Reduce” from the twelve ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $8.08.

RDFN has been the topic of a number of analyst reports. Wedbush reiterated a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research note on Wednesday, May 8th. Susquehanna lifted their price objective on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. DA Davidson boosted their price objective 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. Gordon Haskett downgraded shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 target price for the company. in a research note on Thursday, February 29th. Finally, Royal Bank of Canada lowered their price target on Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the firm’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 approximately $398,627.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale bought a new position in Redfin in the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC boosted its position in Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after purchasing an additional 3,101 shares during the last quarter. EntryPoint Capital LLC purchased a new position in shares of Redfin in the 1st quarter worth about $58,000. New York State Teachers Retirement System purchased a new position in Redfin in the first quarter valued at about $66,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Redfin in the first quarter valued at approximately $72,000. 61.07% of the stock is owned by institutional investors.

Redfin Stock Performance

RDFN opened at $5.93 on Thursday. The company has a market capitalization of $708.46 million, a price-to-earnings ratio of -4.98 and a beta of 2.67. The business’s 50-day moving average price is $6.30 and its two-hundred day moving average price is $7.22. Redfin has a 1 year low of $4.26 and a 1 year high of $17.68. 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 announced 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 net margin of 13.76% and a negative return on equity of 1,780.89%. The business 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 posted ($0.93) earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts expect that Redfin will post -1.11 EPS for the current fiscal year.

About Redfin

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.