Redfin (NASDAQ:RDFN) PT Raised to $7.25 at DA Davidson

Redfin (NASDAQ:RDFN) had its price target boosted by equities research analysts at DA Davidson from $6.75 to $7.25 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s target price suggests a potential upside of 2.55% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Wednesday. Wedbush restated a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday. Gordon Haskett cut Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective for the company. in a research note on Thursday, February 29th. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $8.00 to $9.00 in a research note on Wednesday. Finally, Citigroup reduced their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.08.

Redfin Price Performance

Shares of RDFN stock opened at $7.07 on Wednesday. Redfin has a 1-year low of $4.26 and a 1-year high of $17.68. The stock’s 50-day moving average is $6.12 and its 200 day moving average is $7.15. The company has a market cap of $844.66 million, a P/E ratio of -5.94 and a beta of 2.68. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.66 and a quick ratio of 1.66.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.01. The business had revenue of $225.50 million during the quarter, compared to the consensus estimate of $217.79 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.93) earnings per share. Research analysts predict that Redfin will post -1.31 earnings per share for the current fiscal year.

Insider Activity at Redfin

In related news, insider Anna Stevens sold 10,851 shares of Redfin stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the completion of the transaction, the insider now directly owns 15,477 shares in the company, valued at $104,934.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the sale, the insider now directly owns 15,477 shares in the company, valued at $104,934.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the completion of the sale, the insider now owns 52,117 shares of the company’s stock, valued at $359,607.30. The disclosure for this sale can be found here. 5.30% of the stock is owned by company insiders.

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC boosted its stake in shares of Redfin by 9.8% in the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after acquiring an additional 1,766 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Redfin by 17.7% in the first quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock worth $99,000 after acquiring an additional 2,241 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Redfin by 4.4% in the third quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock worth $430,000 after acquiring an additional 2,580 shares during the last quarter. Swiss National Bank boosted its stake in shares of Redfin by 1.3% in the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Redfin by 24.9% in the fourth quarter. Victory Capital Management Inc. now owns 14,856 shares of the company’s stock worth $153,000 after acquiring an additional 2,957 shares during the last quarter. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

About Redfin

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; and originates and sells mortgages.