Redfin (RDFN) Downgraded by William Blair to Market Perform

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William Blair cut shares of Redfin (NASDAQ:RDFN) from an outperform rating to a market perform rating in a research note issued to investors on Friday, MarketBeat.com reports.

Several other equities research analysts have also recently commented on the company. Macquarie assumed coverage on Redfin in a report on Monday, September 17th. They set a neutral rating and a $20.00 target price on the stock. BidaskClub lowered shares of Redfin from a hold rating to a sell rating in a research report on Saturday, October 6th. Cowen set a $23.00 price target on shares of Redfin and gave the stock a buy rating in a research report on Friday, October 19th. DA Davidson lowered shares of Redfin from a buy rating to a hold rating and set a $22.00 price target on the stock. in a research report on Friday, August 10th. Finally, Zacks Investment Research lowered shares of Redfin from a hold rating to a sell rating in a research report on Wednesday, October 17th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of Hold and an average target price of $23.42.

NASDAQ:RDFN traded up $0.21 during midday trading on Friday, hitting $15.06. 3,650,558 shares of the stock were exchanged, compared to its average volume of 1,071,200. Redfin has a one year low of $13.50 and a one year high of $31.50. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -75.30 and a beta of -0.63.

Redfin (NASDAQ:RDFN) last announced its earnings results on Thursday, November 8th. The company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.02. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The firm had revenue of $140.30 million for the quarter, compared to analysts’ expectations of $139.45 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The firm’s quarterly revenue was up 28.1% compared to the same quarter last year. On average, equities analysts predict that Redfin will post -0.43 earnings per share for the current fiscal year.

In other Redfin news, insider Scott Nagel sold 6,250 shares of Redfin stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $16.44, for a total transaction of $102,750.00. Following the transaction, the insider now directly owns 14,583 shares in the company, valued at approximately $239,744.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Christopher John Nielsen sold 10,000 shares of Redfin stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $17.80, for a total transaction of $178,000.00. Following the transaction, the chief financial officer now owns 10,000 shares in the company, valued at $178,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,290 shares of company stock worth $1,005,361. 8.80% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Institute for Wealth Management LLC. grew its position in Redfin by 14.9% during the 2nd quarter. Institute for Wealth Management LLC. now owns 19,749 shares of the company’s stock worth $456,000 after purchasing an additional 2,559 shares in the last quarter. Perkins Coie Trust Co grew its position in Redfin by 52.4% during the 2nd quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock worth $200,000 after purchasing an additional 2,972 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in Redfin by 26.8% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 17,790 shares of the company’s stock worth $411,000 after purchasing an additional 3,760 shares in the last quarter. American International Group Inc. grew its position in Redfin by 8.9% during the 3rd quarter. American International Group Inc. now owns 52,538 shares of the company’s stock worth $982,000 after purchasing an additional 4,303 shares in the last quarter. Finally, Voya Investment Management LLC grew its position in Redfin by 18.1% during the 2nd quarter. Voya Investment Management LLC now owns 28,457 shares of the company’s stock worth $657,000 after purchasing an additional 4,366 shares in the last quarter. Hedge funds and other institutional investors own 78.16% of the company’s stock.

About Redfin

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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