Redfin Co. (NASDAQ:RDFN) Receives $7.92 Consensus Target Price from Brokerages

Shares of Redfin Co. (NASDAQ:RDFN) have been assigned a consensus recommendation of “Reduce” from the ten ratings firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $7.92.

RDFN has been the subject of a number of research reports. Gordon Haskett cut 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. Royal Bank of Canada dropped their price objective on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. DA Davidson reiterated a “neutral” rating and issued a $6.75 price objective on shares of Redfin in a research note on Friday, March 22nd. Citigroup dropped their price objective on shares of Redfin from $10.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Finally, Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, February 28th.

Redfin Stock Down 6.5 %

Shares of RDFN stock opened at $5.28 on Friday. The firm has a fifty day moving average of $6.60 and a 200-day moving average of $7.20. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 295.91. Redfin has a 12-month low of $4.26 and a 12-month high of $17.68. The company has a market capitalization of $629.59 million, a price-to-earnings ratio of -4.51 and a beta of 2.66.

Redfin (NASDAQ:RDFN) last released its earnings results on Tuesday, February 27th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The business had revenue of $218.08 million during the quarter, compared to the consensus estimate of $220.32 million. During the same quarter last year, the firm earned ($0.83) earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Redfin will post -1.31 earnings per share for the current fiscal year.

Insider Activity at Redfin

In related news, insider Anna Stevens sold 10,851 shares of Redfin stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total transaction of $73,569.78. Following the sale, the insider now directly owns 15,477 shares of the company’s stock, valued at approximately $104,934.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Redfin news, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total transaction of $73,569.78. Following the sale, the insider now directly owns 15,477 shares of the company’s stock, valued at approximately $104,934.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $6.90, for a total transaction of $54,620.40. Following the sale, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Dark Forest Capital Management LP lifted its position in shares of Redfin by 342.4% in the 3rd quarter. Dark Forest Capital Management LP now owns 205,033 shares of the company’s stock worth $1,443,000 after purchasing an additional 158,690 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Redfin by 89.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 360,212 shares of the company’s stock worth $3,717,000 after purchasing an additional 169,654 shares during the period. Valeo Financial Advisors LLC acquired a new position in shares of Redfin in the 4th quarter worth approximately $206,000. Vanguard Group Inc. lifted its position in shares of Redfin by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,977,561 shares of the company’s stock worth $112,482,000 after purchasing an additional 192,162 shares during the period. Finally, Jump Financial LLC lifted its position in shares of Redfin by 19.8% in the 3rd quarter. Jump Financial LLC now owns 372,548 shares of the company’s stock worth $2,623,000 after purchasing an additional 61,559 shares during the period. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.