Bank of America Increases Redfin (NASDAQ:RDFN) Price Target to $22.00

Redfin (NASDAQ:RDFN) had its price target hoisted by Bank of America from $21.00 to $22.00 in a research report report published on Friday morning, BenzingaRatingsTable reports. Bank of America currently has a neutral rating on the stock.

Several other equities analysts have also weighed in on RDFN. TheStreet lowered Redfin from a c- rating to a d+ rating in a report on Tuesday, May 14th. Stephens upgraded Redfin from an underweight rating to an overweight rating and raised their target price for the company from $18.00 to $23.00 in a report on Monday, June 10th. SunTrust Banks initiated coverage on Redfin in a report on Tuesday, July 9th. They set a buy rating and a $23.00 target price on the stock. Zacks Investment Research downgraded Redfin from a buy rating to a hold rating in a research report on Tuesday, May 14th. Finally, BidaskClub downgraded Redfin from a buy rating to a hold rating in a research report on Friday, May 10th. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $22.53.

NASDAQ RDFN traded up $1.94 during trading on Friday, hitting $19.66. 3,818,809 shares of the company traded hands, compared to its average volume of 793,243. Redfin has a 12 month low of $13.50 and a 12 month high of $24.37. The business’s fifty day simple moving average is $17.86. The company has a debt-to-equity ratio of 0.50, a current ratio of 4.73 and a quick ratio of 4.36. The company has a market cap of $1.64 billion, a P/E ratio of -40.12 and a beta of 1.36.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, August 1st. The company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. Redfin had a negative return on equity of 22.64% and a negative net margin of 14.06%. The company had revenue of $197.80 million for the quarter, compared to analyst estimates of $190.35 million. During the same period last year, the company earned $0.04 earnings per share. The business’s revenue was up 38.7% compared to the same quarter last year. On average, equities research analysts predict that Redfin will post -0.96 EPS for the current fiscal year.

In other news, insider Adam Wiener sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $18.03, for a total value of $90,150.00. Following the sale, the insider now directly owns 255,503 shares of the company’s stock, valued at $4,606,719.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $17.35, for a total value of $52,050.00. Following the sale, the chief financial officer now directly owns 8,542 shares in the company, valued at $148,203.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,000 shares of company stock worth $391,100. 8.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Jackson Square Partners LLC grew its position in Redfin by 6.9% during the first quarter. Jackson Square Partners LLC now owns 6,490,949 shares of the company’s stock worth $131,571,000 after buying an additional 417,458 shares in the last quarter. Baillie Gifford & Co. grew its position in Redfin by 1.4% during the first quarter. Baillie Gifford & Co. now owns 4,747,382 shares of the company’s stock worth $96,229,000 after buying an additional 63,333 shares in the last quarter. Handelsbanken Fonder AB grew its position in Redfin by 57.9% during the second quarter. Handelsbanken Fonder AB now owns 995,000 shares of the company’s stock worth $17,890,000 after buying an additional 364,799 shares in the last quarter. Geode Capital Management LLC grew its position in Redfin by 7.8% during the fourth quarter. Geode Capital Management LLC now owns 803,800 shares of the company’s stock worth $11,574,000 after buying an additional 58,302 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in Redfin by 13.8% during the first quarter. Clearbridge Investments LLC now owns 677,509 shares of the company’s stock worth $13,733,000 after buying an additional 82,008 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

About Redfin

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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