Redfin (NASDAQ:RDFN) Price Target Raised to $31.00

Redfin (NASDAQ:RDFN) had its target price increased by Oppenheimer from $24.00 to $31.00 in a research note published on Thursday, The Fly reports. Oppenheimer currently has an outperform rating on the stock.

A number of other research firms have also recently issued reports on RDFN. BidaskClub upgraded Redfin from a buy rating to a strong-buy rating in a research note on Friday, January 24th. DA Davidson upgraded Redfin from a neutral rating to a buy rating and raised their target price for the company from $18.50 to $25.00 in a research note on Tuesday, December 10th. Piper Jaffray Companies raised their target price on Redfin from $26.00 to $28.00 and gave the company an overweight rating in a research note on Thursday, November 7th. Zelman & Associates upgraded Redfin from a hold rating to a buy rating in a research note on Thursday, November 7th. Finally, SunTrust Banks reiterated a buy rating and issued a $25.00 target price on shares of Redfin in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $26.13.

RDFN traded up $1.12 during trading hours on Thursday, hitting $31.23. 3,931,270 shares of the stock were exchanged, compared to its average volume of 1,390,043. The stock has a 50-day simple moving average of $23.52 and a 200-day simple moving average of $19.68. Redfin has a 12 month low of $14.70 and a 12 month high of $31.50. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of -32.87 and a beta of 1.41. The company has a debt-to-equity ratio of 0.52, a current ratio of 4.81 and a quick ratio of 3.68.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.04. Redfin had a negative return on equity of 25.71% and a negative net margin of 12.71%. The firm had revenue of $233.20 million for the quarter, compared to analysts’ expectations of $217.17 million. During the same period last year, the business posted ($0.14) earnings per share. The firm’s revenue for the quarter was up 87.9% on a year-over-year basis. Sell-side analysts expect that Redfin will post -0.92 EPS for the current year.

In other news, CFO Christopher John Nielsen sold 3,000 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $24.59, for a total transaction of $73,770.00. Following the transaction, the chief financial officer now directly owns 11,306 shares of the company’s stock, valued at $278,014.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Wiener sold 10,000 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $20.95, for a total value of $209,500.00. Insiders have sold 148,000 shares of company stock worth $3,129,600 over the last three months. Corporate insiders own 8.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC acquired a new position in shares of Redfin during the third quarter valued at $25,000. Tower Research Capital LLC TRC acquired a new position in shares of Redfin during the third quarter valued at $25,000. Usca Ria LLC acquired a new position in shares of Redfin during the third quarter valued at $51,000. NumerixS Investment Technologies Inc increased its holdings in shares of Redfin by 119.1% during the fourth quarter. NumerixS Investment Technologies Inc now owns 2,410 shares of the company’s stock valued at $51,000 after purchasing an additional 1,310 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in shares of Redfin by 28.8% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,646 shares of the company’s stock valued at $61,000 after purchasing an additional 815 shares during the period. 91.33% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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