Redfin (RDFN) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

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Redfin (NASDAQ:RDFN) issued its earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.02, Morningstar.com reports. The company had revenue of $140.30 million during the quarter, compared to analysts’ expectations of $139.45 million. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The firm’s quarterly revenue was up 28.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.12 EPS. Redfin updated its Q4 2018 guidance to EPS.

NASDAQ:RDFN traded up $0.21 during trading hours on Friday, hitting $15.06. The company had a trading volume of 3,650,558 shares, compared to its average volume of 1,071,200. The stock has a market cap of $1.37 billion, a P/E ratio of -75.30 and a beta of -0.63. Redfin has a 1 year low of $13.50 and a 1 year high of $31.50.

In other news, CFO Christopher John Nielsen sold 10,000 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $178,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Scott Nagel sold 6,250 shares of the stock in a transaction on Friday, October 26th. The stock was sold at an average price of $16.44, for a total value of $102,750.00. Following the transaction, the insider now owns 14,583 shares of the company’s stock, valued at $239,744.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,290 shares of company stock valued at $1,005,361. Company insiders own 8.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDFN. Wells Fargo & Company MN grew its holdings in shares of Redfin by 184.7% during the 1st 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. California Public Employees Retirement System purchased a new position in shares of Redfin during the 1st quarter worth $822,000. UBS Group AG grew its holdings in shares of Redfin by 3,863.7% during the 1st quarter. UBS Group AG now owns 23,465 shares of the company’s stock worth $536,000 after purchasing an additional 22,873 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Redfin by 315.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 44,154 shares of the company’s stock worth $1,008,000 after purchasing an additional 33,533 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Redfin by 1,434.9% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,586 shares of the company’s stock worth $287,000 after purchasing an additional 11,766 shares during the period. Institutional investors and hedge funds own 78.16% of the company’s stock.

Several analysts have issued reports on the company. BidaskClub upgraded Redfin from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. William Blair restated an “outperform” rating on shares of Redfin in a report on Friday, August 10th. Stifel Nicolaus dropped their target price on Redfin from $25.00 to $20.00 and set a “hold” rating for the company in a report on Friday, August 10th. DA Davidson cut Redfin from a “buy” rating to a “hold” rating and set a $22.00 target price for the company. in a report on Friday, August 10th. Finally, Macquarie assumed coverage on Redfin in a report on Monday, September 17th. They issued a “neutral” rating and a $20.00 target price for the company. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $23.42.

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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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Earnings History for Redfin (NASDAQ:RDFN)

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