Redfin (NASDAQ:RDFN) Receives New Coverage from Analysts at Macquarie

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Macquarie started coverage on shares of Redfin (NASDAQ:RDFN) in a research report issued on Monday, September 17th, Marketbeat.com reports. The brokerage set a “neutral” rating and a $20.00 price target on the stock. Macquarie’s price objective suggests a potential upside of 27.71% from the company’s previous close.

Other equities analysts have also issued reports about the stock. BidaskClub lowered shares of Redfin from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Zacks Investment Research downgraded shares of Redfin from a “hold” rating to a “sell” rating in a research note on Thursday, July 12th. Zelman & Associates started coverage on shares of Redfin in a research note on Monday, June 25th. They set a “buy” rating for the company. William Blair restated an “outperform” rating on shares of Redfin in a research note on Friday, August 10th. Finally, Stifel Nicolaus reduced their price objective on shares of Redfin from $25.00 to $20.00 and set a “hold” rating for the company in a research note on Friday, August 10th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $24.17.

Shares of RDFN traded down $0.31 during trading hours on Monday, reaching $15.66. The stock had a trading volume of 793,852 shares, compared to its average volume of 1,340,646. Redfin has a 52 week low of $15.23 and a 52 week high of $31.50. The stock has a market cap of $1.66 billion, a P/E ratio of -78.30 and a beta of -2.79.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Thursday, August 9th. The company reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.02. Redfin had a negative net margin of 15.12% and a negative return on equity of 10.83%. The business had revenue of $142.60 million during the quarter, compared to analysts’ expectations of $140.12 million. During the same quarter in the prior year, the company earned $0.06 EPS. The firm’s quarterly revenue was up 35.9% on a year-over-year basis. On average, research analysts predict that Redfin will post -0.41 earnings per share for the current year.

In other Redfin news, insider Adam Wiener sold 10,000 shares of the stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $23.20, for a total value of $232,000.00. Following the transaction, the insider now directly owns 239,749 shares of the company’s stock, valued at approximately $5,562,176.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bridget Frey sold 5,000 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $19.53, for a total transaction of $97,650.00. Following the completion of the transaction, the insider now directly owns 42,758 shares in the company, valued at $835,063.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,710 shares of company stock worth $1,178,533. 8.80% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in RDFN. Wells Fargo & Company MN increased its holdings in shares of Redfin by 184.7% during the first quarter. Wells Fargo & Company MN now owns 62,931 shares of the company’s stock worth $1,436,000 after purchasing an additional 40,823 shares during the period. Rhumbline Advisers increased its holdings in shares of Redfin by 611.6% during the first quarter. Rhumbline Advisers now owns 53,785 shares of the company’s stock worth $1,228,000 after purchasing an additional 46,227 shares during the period. Trexquant Investment LP bought a new position in shares of Redfin during the first quarter worth approximately $268,000. State Board of Administration of Florida Retirement System bought a new position in shares of Redfin during the first quarter worth approximately $320,000. Finally, Eaton Vance Management bought a new position in shares of Redfin during the first quarter worth approximately $505,000. 76.69% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Company Profile

Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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