Redfin (NASDAQ:RDFN) Price Target Lowered to $10.00 at Piper Sandler

Redfin (NASDAQ:RDFNGet Rating) had its target price decreased by analysts at Piper Sandler from $11.00 to $10.00 in a note issued to investors on Friday, The Fly reports. Piper Sandler’s price target indicates a potential downside of 11.74% from the company’s current price.

A number of other equities analysts also recently weighed in on RDFN. Stephens downgraded Redfin from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 18th. Royal Bank of Canada downgraded Redfin from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $60.00 to $23.00 in a research note on Friday, February 18th. Truist Financial cut their target price on Redfin from $88.00 to $42.00 in a research note on Friday, February 18th. The Goldman Sachs Group cut their target price on Redfin from $20.00 to $17.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 19th. Finally, Zacks Investment Research upgraded Redfin from a “sell” rating to a “hold” rating in a research note on Thursday. One equities 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 data from MarketBeat, Redfin currently has a consensus rating of “Hold” and an average target price of $44.82.

Shares of RDFN opened at $11.33 on Friday. The company has a debt-to-equity ratio of 3.92, a quick ratio of 2.21 and a current ratio of 3.10. The stock has a 50 day moving average price of $16.79 and a two-hundred day moving average price of $30.72. The firm has a market capitalization of $1.21 billion, a P/E ratio of -10.03 and a beta of 1.99. Redfin has a 52 week low of $10.94 and a 52 week high of $65.41.

Redfin (NASDAQ:RDFNGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.23. The firm had revenue of $597.30 million during the quarter, compared to analyst estimates of $553.97 million. Redfin had a negative return on equity of 33.81% and a negative net margin of 5.70%. The company’s revenue for the quarter was up 122.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.37) EPS. On average, equities analysts forecast that Redfin will post -2 earnings per share for the current year.

In other news, CEO Glenn Kelman sold 30,000 shares of the company’s stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $21.53, for a total value of $645,900.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Christopher John Nielsen sold 4,500 shares of the company’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $14.16, for a total transaction of $63,720.00. Following the completion of the transaction, the chief financial officer now directly owns 69,140 shares in the company, valued at approximately $979,022.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,000 shares of company stock worth $1,443,355. Company insiders own 6.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Souders Financial Advisors increased its stake in Redfin by 57.7% in the first quarter. Souders Financial Advisors now owns 15,942 shares of the company’s stock valued at $288,000 after acquiring an additional 5,832 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Redfin by 2.9% in the first quarter. Commonwealth Equity Services LLC now owns 69,279 shares of the company’s stock valued at $1,249,000 after acquiring an additional 1,930 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in Redfin by 67.9% in the first quarter. State of New Jersey Common Pension Fund D now owns 106,767 shares of the company’s stock valued at $1,926,000 after acquiring an additional 43,180 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Redfin in the first quarter valued at $189,000. Finally, Daiwa Securities Group Inc. increased its stake in Redfin by 16.6% in the first quarter. Daiwa Securities Group Inc. now owns 17,349 shares of the company’s stock valued at $313,000 after acquiring an additional 2,471 shares during the last quarter. 97.94% of the stock is currently owned by hedge funds and other 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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