Redfin (NASDAQ:RDFN) Stock Rating Reaffirmed by Wedbush

Redfin (NASDAQ:RDFN)‘s stock had its “neutral” rating reaffirmed by stock analysts at Wedbush in a research report issued to clients and investors on Wednesday, RTT News reports. They currently have a $8.00 price target on the stock. Wedbush’s target price indicates a potential upside of 13.15% from the company’s previous close.

A number of other research analysts have also issued reports on the company. Citigroup dropped their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday. DA Davidson reiterated a “neutral” rating and issued a $6.75 target price on shares of Redfin in a research report on Friday, March 22nd. Gordon Haskett cut shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 target price for the company. in a research note on Thursday, February 29th. Royal Bank of Canada decreased their price target on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $8.08.

Redfin Stock Up 13.1 %

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

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.58) by $0.01. The firm had revenue of $225.50 million during the quarter, compared to analyst estimates of $217.79 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. Redfin’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.93) EPS. On average, research analysts forecast that Redfin will post -1.31 EPS for the current year.

Insider Activity at Redfin

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

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. ProShare Advisors LLC increased its position in shares of Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock valued at $132,000 after acquiring an additional 1,766 shares during the last quarter. Principal Financial Group Inc. raised its position in Redfin by 17.7% in the first quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock valued at $99,000 after purchasing an additional 2,241 shares during the period. Jennison Associates LLC lifted its stake in Redfin by 4.4% during the third quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock worth $430,000 after purchasing an additional 2,580 shares in the last quarter. Swiss National Bank boosted its position in shares of Redfin by 1.3% during the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after buying an additional 2,900 shares during the period. Finally, Victory Capital Management Inc. grew 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 valued at $153,000 after buying an additional 2,957 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Redfin Company Profile

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.