$633.64 Million in Sales Expected for Redfin Co. (NASDAQ:RDFN) This Quarter

Equities analysts forecast that Redfin Co. (NASDAQ:RDFNGet Rating) will post sales of $633.64 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Redfin’s earnings, with the highest sales estimate coming in at $642.90 million and the lowest estimate coming in at $621.10 million. Redfin reported sales of $471.32 million during the same quarter last year, which indicates a positive year over year growth rate of 34.4%. The company is scheduled to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Redfin will report full-year sales of $2.57 billion for the current year, with estimates ranging from $2.46 billion to $2.68 billion. For the next year, analysts forecast that the company will post sales of $3.03 billion, with estimates ranging from $2.60 billion to $3.38 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Redfin.

Redfin (NASDAQ:RDFNGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.86) earnings per share for the quarter, beating the consensus estimate of ($1.09) by $0.23. The company had revenue of $597.30 million during the quarter, compared to the consensus estimate of $553.97 million. Redfin had a negative net margin of 7.31% and a negative return on equity of 53.87%. The firm’s quarterly revenue was up 122.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.37) earnings per share.

Several research analysts recently commented on RDFN shares. Royal Bank of Canada lowered shares of Redfin from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $60.00 to $23.00 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 report on Friday, February 18th. Truist Financial dropped their price target on shares of Redfin from $42.00 to $31.00 in a research report on Friday, May 6th. Jefferies Financial Group decreased their price target on shares of Redfin from $40.00 to $32.00 and set a “hold” rating for the company in a research note on Thursday, February 3rd. Finally, The Goldman Sachs Group cut their target price on shares of Redfin from $20.00 to $17.50 and set a “neutral” rating on the stock in a report on Tuesday, April 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $34.58.

In related news, Director Bradley E. Singer bought 50,000 shares of the stock in a transaction dated Monday, May 9th. The shares were purchased at an average price of $11.20 per share, with a total value of $560,000.00. Following the completion of the acquisition, the director now owns 50,000 shares of the company’s stock, valued at $560,000. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Glenn Kelman sold 15,000 shares of the company’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $10.54, for a total transaction of $158,100.00. Following the sale, the chief executive officer now directly owns 1,226,502 shares in the company, valued at approximately $12,927,331.08. The disclosure for this sale can be found here. Insiders sold a total of 97,250 shares of company stock worth $1,700,330 in the last 90 days. Company insiders own 6.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in RDFN. Bares Capital Management Inc. increased its holdings in Redfin by 23.5% in the 4th quarter. Bares Capital Management Inc. now owns 12,848,888 shares of the company’s stock worth $493,269,000 after buying an additional 2,444,167 shares during the period. Janus Henderson Group PLC increased its stake in Redfin by 45.9% during the third quarter. Janus Henderson Group PLC now owns 6,232,964 shares of the company’s stock worth $312,271,000 after purchasing an additional 1,960,917 shares during the period. Bank of New York Mellon Corp increased its stake in Redfin by 82.2% during the third quarter. Bank of New York Mellon Corp now owns 2,472,823 shares of the company’s stock worth $123,889,000 after purchasing an additional 1,115,726 shares during the period. Contour Asset Management LLC increased its stake in shares of Redfin by 28.8% during the fourth quarter. Contour Asset Management LLC now owns 2,152,231 shares of the company’s stock worth $82,624,000 after buying an additional 481,277 shares during the period. Finally, Geode Capital Management LLC increased its stake in Redfin by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 2,047,689 shares of the company’s stock valued at $78,610,000 after purchasing an additional 40,225 shares during the last quarter. 97.94% of the stock is owned by hedge funds and other institutional investors.

Redfin stock opened at $9.39 on Wednesday. The company’s 50-day moving average price is $14.47 and its 200-day moving average price is $26.86. Redfin has a twelve month low of $8.65 and a twelve month high of $65.41. The company has a quick ratio of 2.21, a current ratio of 3.66 and a debt-to-equity ratio of 5.26. The company has a market cap of $1.01 billion, a PE ratio of -5.80 and a beta of 1.99.

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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