Redfin (NASDAQ:RDFN) Upgraded at Zacks Investment Research

Redfin (NASDAQ:RDFNGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Redfin Corporation is engaged in providing residential real estate search and brokerage services. The Company provides 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 and originate mortgages. Redfin Corporation is headquartered in Seattle, Washington. “

RDFN has been the topic of several other reports. Stifel Nicolaus decreased their price target on shares of Redfin from $44.00 to $36.00 and set a “hold” rating on the stock in a research note on Friday, February 18th. Stephens cut shares of Redfin from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 18th. Royal Bank of Canada cut shares of Redfin from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $60.00 to $23.00 in a research note on Friday, February 18th. The Goldman Sachs Group reduced their price objective on shares of Redfin from $20.00 to $17.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 19th. Finally, Piper Sandler cut shares of Redfin from an “overweight” rating to an “underweight” rating and reduced their price objective for the company from $40.00 to $11.00 in a research note on Tuesday, April 26th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Redfin currently has a consensus rating of “Hold” and a consensus target price of $44.89.

RDFN opened at $12.73 on Thursday. Redfin has a one year low of $10.94 and a one year high of $66.88. The company has a debt-to-equity ratio of 3.92, a current ratio of 3.10 and a quick ratio of 2.21. The company’s 50 day simple moving average is $17.00 and its 200-day simple moving average is $30.99. The stock has a market capitalization of $1.35 billion, a P/E ratio of -11.27 and a beta of 1.99.

Redfin (NASDAQ:RDFNGet Rating) last released its quarterly earnings results on Thursday, February 17th. The company reported ($0.27) EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $643.06 million for the quarter, compared to analysts’ expectations of $599.20 million. During the same period in the prior year, the firm earned $0.11 earnings per share. As a group, analysts anticipate that Redfin will post -1.98 EPS for the current year.

In related news, CFO Christopher John Nielsen sold 4,500 shares of the firm’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $14.16, for a total transaction of $63,720.00. Following the sale, the chief financial officer now directly owns 69,140 shares in the company, valued at $979,022.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Glenn Kelman sold 30,000 shares of the firm’s stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $21.53, for a total transaction of $645,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,000 shares of company stock worth $1,443,355. Company insiders own 6.10% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Arizona State Retirement System raised its holdings 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 acquiring an additional 257 shares during the period. Waldron Private Wealth LLC increased its stake in Redfin by 7.6% in the 4th quarter. Waldron Private Wealth LLC now owns 5,397 shares of the company’s stock valued at $207,000 after buying an additional 382 shares during the last quarter. CIBC Asset Management Inc increased its stake 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 increased its stake 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 increased its stake 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. Institutional investors and hedge funds own 97.94% of the company’s stock.

Redfin Company Profile (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.

Further Reading

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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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