Redfin Corp (NASDAQ:RDFN) – Equities research analysts at Piper Jaffray Companies reduced their FY2018 EPS estimates for Redfin in a research note issued to investors on Monday, October 29th. Piper Jaffray Companies analyst J. Deleeuw now anticipates that the company will post earnings per share of ($0.44) for the year, down from their previous estimate of ($0.41). Piper Jaffray Companies also issued estimates for Redfin’s Q4 2018 earnings at ($0.09) EPS, Q1 2019 earnings at ($0.45) EPS, Q4 2019 earnings at ($0.09) EPS, FY2019 earnings at ($0.48) EPS and FY2020 earnings at ($0.35) EPS.
A number of other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Redfin from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Cowen set a $23.00 price objective on shares of Redfin and gave the stock a “buy” rating in a research note on Friday, October 19th. BidaskClub upgraded shares of Redfin from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Macquarie initiated coverage on shares of Redfin in a research note on Monday, September 17th. They issued a “neutral” rating and a $20.00 price objective on the stock. Finally, Stifel Nicolaus cut their price objective on shares of Redfin from $25.00 to $20.00 and set a “hold” rating on the stock in a research note on Friday, August 10th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $23.58.
Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.02. Redfin had a negative net margin of 15.12% and a negative return on equity of 10.83%. The business had revenue of $142.60 million for the quarter, compared to analyst estimates of $140.12 million. During the same quarter in the prior year, the business posted $0.06 EPS. Redfin’s revenue for the quarter was up 35.9% compared to the same quarter last year.
In related news, insider Adam Wiener sold 9,900 shares of the firm’s stock in a transaction on Thursday, October 11th. The shares were sold at an average price of $16.05, for a total transaction of $158,895.00. Following the sale, the insider now owns 208,449 shares in the company, valued at $3,345,606.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Christopher John Nielsen sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $17.80, for a total transaction of $178,000.00. Following the sale, the chief financial officer now owns 10,000 shares in the company, valued at approximately $178,000. The disclosure for this sale can be found here. Insiders sold 67,290 shares of company stock worth $1,229,261 in the last quarter. Company insiders own 8.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Redfin by 30.2% during the second quarter. BlackRock Inc. now owns 3,702,637 shares of the company’s stock valued at $85,495,000 after buying an additional 858,154 shares during the period. Baillie Gifford & Co. grew its position in Redfin by 36.9% during the second quarter. Baillie Gifford & Co. now owns 3,284,072 shares of the company’s stock valued at $75,829,000 after buying an additional 885,813 shares during the period. Nikko Asset Management Americas Inc. grew its position in Redfin by 31.9% during the third quarter. Nikko Asset Management Americas Inc. now owns 2,333,868 shares of the company’s stock valued at $43,783,000 after buying an additional 564,802 shares during the period. Allianz Asset Management GmbH grew its position in Redfin by 258.3% during the first quarter. Allianz Asset Management GmbH now owns 2,159,884 shares of the company’s stock valued at $49,310,000 after buying an additional 1,557,144 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Redfin by 9.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,737,016 shares of the company’s stock valued at $40,108,000 after buying an additional 148,992 shares during the period. Institutional investors own 78.07% of the company’s stock.
Redfin Company Profile
Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.
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