Redfin (RDFN) Upgraded by Zacks Investment Research to Buy

Redfin (NASDAQ:RDFN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, November 15th. The firm presently has a $24.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential downside of 2.79% from the stock’s current price.

According to Zacks, “Redfin Corporation is engaged in providing residential real estate search and brokerage services. The Company provides an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services and originate mortgages. Redfin Corporation is headquartered in Seattle, Washington. “

Several other equities analysts have also weighed in on the company. Royal Bank Of Canada restated a “hold” rating and issued a $28.00 price target on shares of Redfin in a research note on Monday, October 30th. William Blair started coverage on Redfin in a report on Thursday, October 19th. They issued an “outperform” rating on the stock. Bank of America lowered their price objective on Redfin from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, November 10th. Goldman Sachs Group started coverage on Redfin in a report on Tuesday, August 22nd. They issued a “neutral” rating and a $20.00 price objective on the stock. Finally, CIBC started coverage on Redfin in a report on Tuesday, August 22nd. They set an “outperform” rating and a $31.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $24.67.

Shares of Redfin (RDFN) traded up $1.25 on Wednesday, reaching $24.69. The company’s stock had a trading volume of 782,996 shares, compared to its average volume of 1,048,198. Redfin has a 12 month low of $19.29 and a 12 month high of $33.49.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Thursday, November 9th. The company reported $0.12 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.12. The company had revenue of $109.50 million for the quarter, compared to analysts’ expectations of $110.62 million. The company’s quarterly revenue was up 35.0% on a year-over-year basis. equities analysts forecast that Redfin will post -0.2 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Advisor Group Inc. purchased a new stake in Redfin in the third quarter valued at approximately $129,000. SG Americas Securities LLC purchased a new stake in Redfin in the third quarter valued at approximately $139,000. Wells Fargo & Company MN purchased a new stake in Redfin in the third quarter valued at approximately $158,000. FNY Partners Fund LP purchased a new stake in shares of Redfin during the third quarter worth $175,000. Finally, American International Group Inc. purchased a new stake in shares of Redfin during the third quarter worth $181,000. 37.88% of the stock is currently owned by institutional investors.

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Redfin Company Profile

Redfin Corporation is engaged in providing residential real estate brokerage services. The customer can search for homes by neighborhood, city or MLS number, or can refine results using detailed parameters, such as price and number of beds or baths. The Company serves home buyers and sellers. The Company offers online tools to consumers, including Redfin Estimate, which is an automated home-valuation tool.

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