Redfin Corp (NASDAQ:RDFN) was up 5% on Thursday . The company traded as high as $16.24 and last traded at $16.23. Approximately 724,296 shares changed hands during trading, a decline of 45% from the average daily volume of 1,315,753 shares. The stock had previously closed at $15.45.
Several brokerages have weighed in on RDFN. Macquarie began coverage on Redfin in a report on Monday, September 17th. They issued a “neutral” rating and a $20.00 price target for the company. BidaskClub downgraded Redfin from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. William Blair reissued an “outperform” rating on shares of Redfin in a report on Friday, August 10th. DA Davidson downgraded Redfin from a “buy” rating to a “hold” rating and set a $22.00 price target for the company. in a report on Friday, August 10th. Finally, Zacks Investment Research downgraded Redfin from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $23.58.
The firm has a market capitalization of $1.37 billion, a P/E ratio of -76.70 and a beta of -2.81.
Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, August 9th. The company reported $0.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.02. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The firm had revenue of $142.60 million during the quarter, compared to the consensus estimate of $140.12 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. The company’s revenue was up 35.9% compared to the same quarter last year. As a group, analysts anticipate that Redfin Corp will post -0.43 EPS for the current year.
In related news, insider Scott Nagel sold 6,250 shares of Redfin stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $16.44, for a total transaction of $102,750.00. Following the completion of the sale, the insider now owns 14,583 shares of the company’s stock, valued at $239,744.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Wiener sold 9,900 shares of Redfin stock in a transaction dated Thursday, October 11th. The stock was sold at an average price of $16.05, for a total value of $158,895.00. Following the sale, the insider now directly owns 208,449 shares of the company’s stock, valued at approximately $3,345,606.45. The disclosure for this sale can be found here. Insiders have sold 67,290 shares of company stock valued at $1,229,261 in the last ninety days. Corporate insiders own 8.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Great West Life Assurance Co. Can purchased a new position in Redfin during the second quarter valued at approximately $106,000. Public Employees Retirement Association of Colorado purchased a new position in Redfin during the third quarter valued at approximately $139,000. Caption Management LLC purchased a new position in Redfin during the second quarter valued at approximately $191,000. Perkins Coie Trust Co raised its position in Redfin by 52.4% during the second quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock valued at $200,000 after acquiring an additional 2,972 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Redfin during the second quarter valued at approximately $211,000. Institutional investors own 78.07% of the company’s stock.
About Redfin (NASDAQ:RDFN)
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, such as assisting individuals to 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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