Redfin (NASDAQ:RDFN) Stock Rating Lowered by Piper Sandler

Redfin (NASDAQ:RDFNGet Rating) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to an “underweight” rating in a research report issued on Tuesday, Briefing.com reports. They presently have a $11.00 price target on the stock, down from their previous price target of $40.00. Piper Sandler’s price target would indicate a potential downside of 15.90% from the company’s current price.

A number of other equities research analysts have also recently issued reports on RDFN. Stifel Nicolaus decreased their price target on shares of Redfin from $44.00 to $36.00 and set a “hold” rating for the company in a report on Friday, February 18th. Jefferies Financial Group cut their price objective on shares of Redfin from $40.00 to $32.00 and set a “hold” rating for the company in a research report on Thursday, February 3rd. Truist Financial cut their price objective on shares of Redfin from $88.00 to $42.00 in a research report on Friday, February 18th. Stephens lowered shares of Redfin from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 18th. Finally, Wedbush cut their price objective on shares of Redfin from $38.00 to $29.00 in a research report on Friday, February 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $44.89.

Shares of NASDAQ:RDFN opened at $13.08 on Tuesday. The company has a current ratio of 3.10, a quick ratio of 2.21 and a debt-to-equity ratio of 3.92. Redfin has a 1 year low of $12.55 and a 1 year high of $72.69. The firm has a fifty day moving average price of $18.76 and a 200 day moving average price of $32.60. The stock has a market capitalization of $1.39 billion, a PE ratio of -11.58 and a beta of 1.83.

Redfin (NASDAQ:RDFNGet Rating) last released its quarterly earnings results on Thursday, February 17th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.05. Redfin had a negative net margin of 5.70% and a negative return on equity of 33.81%. The company had revenue of $643.06 million during the quarter, compared to analysts’ expectations of $599.20 million. During the same period in the prior year, the company earned $0.11 earnings per share. On average, sell-side analysts forecast that Redfin will post -1.96 earnings per share for the current fiscal year.

In other Redfin news, Director Robert J. Mylod, Jr. sold 2,750 shares of Redfin stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $22.30, for a total value of $61,325.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Glenn Kelman sold 30,000 shares of the business’s stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $21.53, for a total value of $645,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 70,000 shares of company stock valued at $1,443,355 over the last three months. 6.10% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Arizona State Retirement System lifted its position in shares of Redfin by 1.0% during the third quarter. Arizona State Retirement System now owns 25,506 shares of the company’s stock worth $1,278,000 after purchasing an additional 257 shares in the last quarter. Waldron Private Wealth LLC lifted its holdings in Redfin by 7.6% during the 4th quarter. Waldron Private Wealth LLC now owns 5,397 shares of the company’s stock worth $207,000 after buying an additional 382 shares in the last quarter. CIBC Asset Management Inc boosted its position in Redfin by 12.3% in the 3rd quarter. CIBC Asset Management Inc now owns 4,235 shares of the company’s stock valued at $212,000 after buying an additional 464 shares during the last quarter. Eaton Vance Management boosted its position in Redfin by 1.2% in the 3rd quarter. Eaton Vance Management now owns 38,966 shares of the company’s stock valued at $1,928,000 after buying an additional 475 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Redfin by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 185,445 shares of the company’s stock valued at $7,120,000 after buying an additional 498 shares during the last quarter. 89.56% of the stock is owned by institutional investors.

About Redfin (Get Rating)

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; originates and sells mortgages; and buys and sells homes.

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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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