Oppenheimer Equities Analysts Reduce Earnings Estimates for Redfin Co. (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFNGet Rating) – Analysts at Oppenheimer dropped their Q2 2022 EPS estimates for shares of Redfin in a report issued on Tuesday, June 14th. Oppenheimer analyst J. Helfstein now anticipates that the company will post earnings of ($0.71) per share for the quarter, down from their previous estimate of ($0.63). The consensus estimate for Redfin’s current full-year earnings is ($2.08) per share. Oppenheimer also issued estimates for Redfin’s Q3 2022 earnings at ($0.40) EPS, Q4 2022 earnings at ($0.42) EPS, FY2022 earnings at ($2.24) EPS and FY2023 earnings at ($1.94) EPS.

Other research analysts also recently issued research reports about the stock. Piper Sandler decreased their price objective on shares of Redfin from $11.00 to $10.00 in a research report on Friday, May 6th. Stifel Nicolaus decreased their price objective on shares of Redfin from $44.00 to $36.00 and set a “hold” rating for the company in a research report on Friday, February 18th. Susquehanna decreased their price objective on shares of Redfin from $25.00 to $13.00 in a research report on Monday, May 9th. The Goldman Sachs Group decreased their price objective on shares of Redfin from $20.00 to $17.50 and set a “neutral” rating for the company in a research report on Tuesday, April 19th. Finally, Wedbush decreased their price objective on shares of Redfin from $38.00 to $29.00 in a research report on Friday, February 18th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $31.54.

Shares of RDFN stock opened at $7.24 on Friday. The firm’s fifty day moving average price is $11.43 and its two-hundred day moving average price is $22.81. Redfin has a 1 year low of $7.13 and a 1 year high of $65.41. The firm has a market capitalization of $775.94 million, a P/E ratio of -4.47 and a beta of 2.00. The company has a current ratio of 3.66, a quick ratio of 2.84 and a debt-to-equity ratio of 5.26.

Redfin (NASDAQ:RDFNGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported ($0.86) earnings per share (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 for the quarter, compared to analyst estimates of $553.97 million. During the same period in the previous year, the business earned ($0.37) EPS. The company’s revenue was up 122.6% compared to the same quarter last year.

In other Redfin news, CFO Christopher John Nielsen sold 4,500 shares of the business’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $14.16, for a total value of $63,720.00. Following the completion of the sale, the chief financial officer now owns 69,140 shares of the company’s stock, valued at approximately $979,022.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert J. Mylod, Jr. sold 2,750 shares of the business’s stock in a transaction dated Monday, March 21st. The shares were sold at an average price of $20.44, for a total transaction of $56,210.00. The disclosure for this sale can be found here. Insiders have sold a total of 37,250 shares of company stock valued at $438,230 in the last ninety days. 6.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of RDFN. ETF Managers Group LLC bought a new stake in Redfin in the 4th quarter valued at about $62,000. First Mercantile Trust Co. acquired a new position in shares of Redfin in the 3rd quarter valued at approximately $71,000. Focused Wealth Management Inc raised its position in shares of Redfin by 566.7% in the 4th quarter. Focused Wealth Management Inc now owns 2,000 shares of the company’s stock valued at $77,000 after buying an additional 1,700 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Redfin in the 1st quarter valued at approximately $83,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Redfin in the 4th quarter valued at approximately $162,000. 97.94% of the stock is 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.

Further Reading

Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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