$77.18 Million in Sales Expected for Redfin (RDFN) This Quarter

Wall Street brokerages expect Redfin (NASDAQ:RDFN) to report sales of $77.18 million for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Redfin’s earnings, with the lowest sales estimate coming in at $76.67 million and the highest estimate coming in at $78.10 million. The company is scheduled to announce its next quarterly earnings results on Thursday, May 24th.

On average, analysts expect that Redfin will report full-year sales of $77.18 million for the current fiscal year, with estimates ranging from $455.56 million to $475.31 million. For the next financial year, analysts anticipate that the firm will report sales of $595.47 million per share, with estimates ranging from $563.12 million to $610.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Redfin.

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Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, February 22nd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.03. The business had revenue of $95.80 million for the quarter, compared to analyst estimates of $91.59 million. The company’s revenue for the quarter was up 43.4% on a year-over-year basis.

A number of equities research analysts recently weighed in on RDFN shares. BidaskClub cut Redfin from a “hold” rating to a “sell” rating in a report on Thursday, January 25th. Piper Jaffray upped their price target on Redfin from $24.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Cowen started coverage on Redfin in a report on Friday, December 15th. They issued an “outperform” rating and a $30.00 price target on the stock. Royal Bank of Canada upgraded Redfin from a “sector perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a report on Friday, February 2nd. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Redfin from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $25.92.

NASDAQ RDFN opened at $22.81 on Thursday. Redfin has a 12-month low of $19.18 and a 12-month high of $33.49. The company has a market cap of $1,831.83 and a price-to-earnings ratio of -114.05.

In other Redfin news, CFO Christopher John Nielsen sold 25,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.51, for a total transaction of $512,750.00. Following the sale, the chief financial officer now owns 25,000 shares in the company, valued at approximately $512,750. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Adam Wiener sold 10,000 shares of the stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $23.00, for a total value of $230,000.00. Following the sale, the insider now owns 289,649 shares in the company, valued at approximately $6,661,927. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,000 shares of company stock worth $1,388,550.

Large investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. acquired a new stake in Redfin during the 3rd quarter valued at $959,000. California State Teachers Retirement System acquired a new stake in Redfin during the 3rd quarter valued at $437,000. Bank of New York Mellon Corp acquired a new stake in Redfin during the 3rd quarter valued at $832,000. Janus Henderson Group PLC acquired a new stake in Redfin during the 3rd quarter valued at $6,959,000. Finally, Nationwide Fund Advisors acquired a new stake in Redfin during the 3rd quarter valued at $285,000. Hedge funds and other institutional investors own 52.44% of the company’s stock.

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About Redfin

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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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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