Redfin (NASDAQ:RDFN) Rating Increased to Buy at ValuEngine

Redfin (NASDAQ:RDFN) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Thursday, ValuEngine reports.

RDFN has been the topic of a number of other reports. DA Davidson set a $16.00 price target on Redfin and gave the stock a “hold” rating in a research note on Tuesday, July 2nd. TheStreet downgraded Redfin from a “c-” rating to a “d+” rating in a research note on Tuesday, May 14th. SunTrust Banks initiated coverage on Redfin in a research note on Tuesday, July 9th. They issued a “buy” rating and a $23.00 price target on the stock. Compass Point downgraded Redfin from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $25.00 to $22.00 in a research note on Thursday, May 9th. Finally, Craig Hallum initiated coverage on Redfin in a research note on Monday, July 29th. They issued a “hold” rating and a $20.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $22.53.

RDFN traded up $1.94 during trading on Thursday, hitting $19.66. 3,818,809 shares of the company’s stock traded hands, compared to its average volume of 793,243. The business’s 50 day 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. Redfin has a 12-month low of $13.50 and a 12-month high of $24.37. The firm has a market cap of $1.64 billion, a PE ratio of -40.12 and a beta of 1.36.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, August 1st. The company reported ($0.14) EPS for the quarter, beating the 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 business had revenue of $197.80 million for the quarter, compared to the consensus estimate of $190.35 million. During the same period last year, the business posted $0.04 EPS. The company’s revenue was up 38.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Redfin will post -0.96 earnings per share for the current fiscal year.

In related news, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction on Monday, July 15th. The stock was sold at an average price of $17.35, for a total transaction of $52,050.00. Following the transaction, the chief financial officer now directly owns 8,542 shares in the company, valued at $148,203.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bridget Frey sold 5,000 shares of Redfin stock in a transaction on Monday, July 1st. The shares were sold at an average price of $18.22, for a total value of $91,100.00. The disclosure for this sale can be found here. Insiders have sold 22,000 shares of company stock worth $391,100 over the last quarter. 8.20% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDFN. Norges Bank bought a new stake in Redfin during the fourth quarter valued at about $6,554,000. Jackson Square Partners LLC raised its holdings in Redfin by 6.9% during the first quarter. Jackson Square Partners LLC now owns 6,490,949 shares of the company’s stock valued at $131,571,000 after acquiring an additional 417,458 shares during the period. Handelsbanken Fonder AB raised its holdings in Redfin by 57.9% during the second quarter. Handelsbanken Fonder AB now owns 995,000 shares of the company’s stock valued at $17,890,000 after acquiring an additional 364,799 shares during the period. Pier Capital LLC bought a new stake in Redfin during the first quarter valued at about $7,215,000. Finally, Peregrine Asset Advisers Inc. bought a new stake in Redfin during the first quarter valued at about $3,750,000. Institutional investors own 94.34% of the company’s stock.

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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