Redfin’s (RDFN) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Redfin (NASDAQ:RDFN) in a research report sent to investors on Wednesday, Benzinga reports.

Other equities research analysts have also recently issued research reports about the stock. DA Davidson reaffirmed a neutral rating and set a $7.25 price objective on shares of Redfin in a research report on Wednesday, July 3rd. Wedbush reissued a neutral rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, May 8th. Stephens upgraded Redfin from an equal weight rating to an overweight rating and upped their target price for the stock from $8.00 to $9.00 in a research note on Wednesday, May 8th. Citigroup decreased their price target on Redfin from $8.00 to $7.00 and set a neutral rating on the stock in a research note on Wednesday, May 8th. Finally, Susquehanna lifted their price target on shares of Redfin from $7.00 to $8.00 and gave the company a neutral rating in a report on Monday, May 13th. Two research analysts have rated the stock with a sell rating, nine have given 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 target price of $7.18.

Redfin Stock Performance

Shares of Redfin stock traded up $0.51 during trading on Wednesday, reaching $6.91. The company’s stock had a trading volume of 4,046,277 shares, compared to its average volume of 4,915,438. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 295.91. The business’s 50-day moving average price is $6.82 and its 200-day moving average price is $6.78. Redfin has a 52 week low of $4.26 and a 52 week high of $11.16. The firm has a market cap of $825.54 million, a PE ratio of -5.58 and a beta of 2.65.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. Redfin had a negative net margin of 13.76% and a negative return on equity of 1,780.89%. The firm had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. During the same quarter in the previous year, the firm posted ($0.25) EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts forecast that Redfin will post -1.15 earnings per share for the current year.

Insider Buying and Selling at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $6.96, for a total transaction of $25,278.72. Following the transaction, the insider now owns 57,274 shares in the company, valued at $398,627.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new stake in shares of Redfin during the fourth quarter worth $270,000. Valeo Financial Advisors LLC bought a new stake in Redfin during the fourth quarter valued at $206,000. Byrne Asset Management LLC acquired a new stake in Redfin during the 4th quarter worth about $475,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Redfin by 30.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,218 shares of the company’s stock worth $260,000 after acquiring an additional 5,892 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of Redfin by 2.4% in the 4th quarter. Federated Hermes Inc. now owns 1,497,912 shares of the company’s stock worth $15,458,000 after acquiring an additional 35,735 shares in the last quarter. 61.07% of the stock is currently owned by institutional investors.

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.