DA Davidson Comments on Redfin Corp’s Q2 2019 Earnings (RDFN)

Redfin Corp (NASDAQ:RDFN) – Stock analysts at DA Davidson dropped their Q2 2019 EPS estimates for shares of Redfin in a note issued to investors on Thursday, May 9th. DA Davidson analyst T. White now expects that the company will post earnings of ($0.13) per share for the quarter, down from their previous estimate of ($0.05). DA Davidson currently has a “Underperform” rating and a $15.50 price target on the stock. DA Davidson also issued estimates for Redfin’s Q3 2019 earnings at $0.03 EPS, FY2019 earnings at ($0.94) EPS, Q1 2020 earnings at ($0.72) EPS, Q2 2020 earnings at ($0.08) EPS, Q3 2020 earnings at $0.12 EPS, FY2020 earnings at ($0.72) EPS and FY2021 earnings at ($0.65) EPS.

Redfin (NASDAQ:RDFN) last posted its earnings results on Wednesday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.75) by $0.01. Redfin had a negative return on equity of 22.64% and a negative net margin of 14.06%. The firm had revenue of $110.10 million for the quarter, compared to analysts’ expectations of $103.97 million. During the same period in the previous year, the firm earned ($0.44) earnings per share. The business’s revenue was up 37.8% compared to the same quarter last year.



Other equities research analysts have also recently issued reports about the company. BidaskClub raised Redfin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 27th. ValuEngine cut Redfin from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Piper Jaffray Companies raised Redfin from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $17.00 to $26.00 in a research note on Monday, April 1st. Zacks Investment Research cut Redfin from a “buy” rating to a “hold” rating in a research note on Tuesday, January 15th. Finally, Cowen reaffirmed a “buy” rating and issued a $21.00 price target on shares of Redfin in a research note on Monday, February 4th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. Redfin presently has a consensus rating of “Hold” and an average price target of $21.63.

RDFN opened at $17.35 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 10.25 and a current ratio of 4.73. Redfin has a 52-week low of $13.50 and a 52-week high of $26.01. The company has a market cap of $1.52 billion, a PE ratio of -35.41 and a beta of 0.91.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDFN. Penserra Capital Management LLC purchased a new stake in shares of Redfin in the first quarter worth $25,000. Captrust Financial Advisors grew its stake in shares of Redfin by 167.7% in the fourth quarter. Captrust Financial Advisors now owns 2,136 shares of the company’s stock worth $31,000 after acquiring an additional 1,338 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Redfin in the first quarter worth $36,000. Edge Wealth Management LLC purchased a new stake in shares of Redfin in the first quarter worth $45,000. Finally, Great Point Wealth Advisors LLC purchased a new stake in shares of Redfin in the fourth quarter worth $144,000. 92.55% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Glenn Kelman bought 25,532 shares of the business’s stock in a transaction dated Tuesday, February 19th. The shares were purchased at an average cost of $19.56 per share, with a total value of $499,405.92. Following the completion of the purchase, the chief executive officer now owns 2,014,973 shares in the company, valued at approximately $39,412,871.88. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Adam Wiener sold 10,000 shares of the stock in a transaction on Friday, February 15th. The stock was sold at an average price of $19.58, for a total value of $195,800.00. Following the completion of the sale, the insider now directly owns 180,826 shares in the company, valued at $3,540,573.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,784 shares of company stock worth $1,543,936. 8.20% of the stock is owned by insiders.

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, including assisting individuals in 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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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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