Redfin Co. (NASDAQ:RDFN – Get Rating) – Research analysts at Jefferies Financial Group cut their Q3 2022 earnings estimates for Redfin in a research report issued to clients and investors on Tuesday, May 31st. Jefferies Financial Group analyst J. Colantuoni now anticipates that the company will post earnings of ($0.35) per share for the quarter, down from their prior estimate of ($0.15). Jefferies Financial Group currently has a “Hold” rating and a $32.00 price target on the stock. Jefferies Financial Group also issued estimates for Redfin’s Q4 2022 earnings at ($0.29) EPS, FY2022 earnings at ($2.11) EPS, Q1 2023 earnings at ($0.60) EPS, Q2 2023 earnings at ($0.51) EPS, Q3 2023 earnings at ($0.21) EPS, Q4 2023 earnings at ($0.16) EPS, FY2023 earnings at ($1.48) EPS, Q1 2024 earnings at ($0.51) EPS, FY2024 earnings at ($0.91) EPS and FY2025 earnings at ($0.24) EPS.
RDFN has been the subject of several other reports. Truist Financial cut their price target on shares of Redfin from $42.00 to $31.00 in a report on Friday, May 6th. Zacks Investment Research raised shares of Redfin from a “sell” rating to a “hold” rating in a research note on Thursday, May 5th. Piper Sandler lowered their price target on shares of Redfin from $11.00 to $10.00 in a research note on Friday, May 6th. Stephens downgraded shares of Redfin from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 18th. Finally, Susquehanna Bancshares cut their target price on Redfin from $25.00 to $13.00 in a research note on Monday, May 9th. One equities research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $34.58.
Redfin (NASDAQ:RDFN – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.86) EPS for the quarter, beating the consensus estimate of ($1.09) by $0.23. Redfin had a negative net margin of 7.31% and a negative return on equity of 53.87%. The firm had revenue of $597.30 million during the quarter, compared to the consensus estimate of $553.97 million. During the same period last year, the firm earned ($0.37) EPS. The business’s quarterly revenue was up 122.6% compared to the same quarter last year.
In other news, CEO Glenn Kelman sold 15,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $10.68, for a total value of $160,200.00. Following the completion of the transaction, the chief executive officer now owns 1,256,502 shares in the company, valued at $13,419,441.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bradley E. Singer purchased 50,000 shares of the firm’s stock in a transaction dated Monday, May 9th. The stock was acquired at an average price of $11.20 per share, with a total value of $560,000.00. Following the purchase, the director now directly owns 50,000 shares of the company’s stock, valued at $560,000. The disclosure for this purchase can be found here. Insiders have sold 37,250 shares of company stock valued at $438,230 in the last quarter. 6.10% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. First Mercantile Trust Co. bought a new stake in shares of Redfin in the third quarter worth $71,000. ETF Managers Group LLC bought a new stake in shares of Redfin in the fourth quarter worth $62,000. Focused Wealth Management Inc grew its holdings in shares of Redfin by 566.7% in the fourth quarter. Focused Wealth Management Inc now owns 2,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,700 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Redfin in the fourth quarter worth $162,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Redfin in the first quarter worth $83,000. Hedge funds and other institutional investors own 97.94% of the company’s stock.
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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