Redfin (NASDAQ:RDFN) Shares Down 10.2% Following Analyst Downgrade

Redfin Co. (NASDAQ:RDFNGet Rating) shares fell 10.2% during trading on Tuesday after DA Davidson lowered their price target on the stock from $13.50 to $9.50. The company traded as low as $7.88 and last traded at $7.90. 98,363 shares were traded during mid-day trading, a decline of 97% from the average session volume of 3,232,074 shares. The stock had previously closed at $8.80.

Other equities analysts have also issued research reports about the company. Wedbush lowered Redfin from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $14.00 to $9.00 in a research note on Monday, July 11th. KeyCorp began coverage on Redfin in a research note on Tuesday, July 12th. They issued a “sector weight” rating for the company. Truist Financial dropped their price objective on Redfin from $31.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, August 1st. Stifel Nicolaus dropped their price objective on Redfin from $10.00 to $9.00 in a research note on Monday, August 8th. Finally, Compass Point increased their price target on Redfin to $9.00 in a research note on Monday, August 22nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Redfin has a consensus rating of “Hold” and a consensus price target of $18.58.

Insider Buying and Selling at Redfin

In other Redfin news, Director James Slavet purchased 100,000 shares of Redfin stock in a transaction dated Friday, September 9th. The shares were purchased at an average cost of $8.40 per share, for a total transaction of $840,000.00. Following the completion of the acquisition, the director now owns 202,546 shares in the company, valued at approximately $1,701,386.40. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Redfin

Several hedge funds and other institutional investors have recently modified their holdings of RDFN. First Trust Advisors LP raised its holdings in shares of Redfin by 20.3% in the fourth quarter. First Trust Advisors LP now owns 15,252 shares of the company’s stock worth $586,000 after buying an additional 2,575 shares during the period. First Republic Investment Management Inc. purchased a new position in Redfin during the 4th quarter worth $332,000. Dimensional Fund Advisors LP increased its holdings in Redfin by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 185,445 shares of the company’s stock worth $7,120,000 after purchasing an additional 498 shares during the period. Teacher Retirement System of Texas increased its holdings in Redfin by 21.2% during the 4th quarter. Teacher Retirement System of Texas now owns 18,634 shares of the company’s stock worth $715,000 after purchasing an additional 3,264 shares during the period. Finally, Ensign Peak Advisors Inc purchased a new position in Redfin during the 4th quarter worth $790,000. 90.79% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Price Performance

The firm has a fifty day simple moving average of $9.41 and a 200 day simple moving average of $12.07. The company has a market capitalization of $878.49 million, a PE ratio of -3.93 and a beta of 1.90. The company has a debt-to-equity ratio of 6.84, a quick ratio of 1.42 and a current ratio of 2.00.

Redfin (NASDAQ:RDFNGet Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). The firm had revenue of $606.92 million for the quarter, compared to analysts’ expectations of $611.37 million. Redfin had a negative return on equity of 80.56% and a negative net margin of 9.00%. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.29) earnings per share. Equities analysts anticipate that Redfin Co. will post -2.76 EPS for the current year.

About Redfin

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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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