Redfin (NASDAQ:RDFN) Cut to Hold at ValuEngine

ValuEngine downgraded shares of Redfin (NASDAQ:RDFN) from a buy rating to a hold rating in a report issued on Thursday morning, ValuEngine reports.

RDFN has been the topic of a number of other research reports. Stephens set a $24.00 target price on Redfin and gave the company a buy rating in a research report on Monday, September 9th. BidaskClub lowered Redfin from a hold rating to a sell rating in a research report on Tuesday, October 8th. Cowen set a $24.00 target price on Redfin and gave the company a buy rating in a research report on Friday, June 21st. SunTrust Banks initiated coverage on Redfin in a research report on Tuesday, July 9th. They issued a buy rating and a $23.00 target price on the stock. Finally, Craig Hallum upgraded Redfin from a hold rating to a buy rating and set a $24.00 target price on the stock in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Redfin presently has an average rating of Hold and a consensus price target of $22.71.

Shares of RDFN stock traded down $0.23 during trading hours on Thursday, reaching $16.21. 748,066 shares of the company’s stock were exchanged, compared to its average volume of 1,026,929. Redfin has a 1 year low of $13.50 and a 1 year high of $23.47. The stock has a market cap of $1.43 billion, a PE ratio of -33.08 and a beta of 1.37. The company has a current ratio of 3.91, a quick ratio of 3.19 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average price is $16.77 and its two-hundred day moving average price is $18.30.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, August 1st. The company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.01. The firm had revenue of $197.80 million for the quarter, compared to analyst estimates of $190.35 million. Redfin had a negative return on equity of 25.83% and a negative net margin of 15.47%. Redfin’s revenue for the quarter was up 38.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 earnings per share. On average, equities analysts expect that Redfin will post -0.96 EPS for the current fiscal year.

In other Redfin news, Director Robert J. Mylod, Jr. sold 112,282 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $17.50, for a total value of $1,964,935.00. Following the completion of the transaction, the director now directly owns 4,516 shares of the company’s stock, valued at $79,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Wiener sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $17.73, for a total value of $88,650.00. Following the completion of the transaction, the insider now directly owns 250,503 shares of the company’s stock, valued at $4,441,418.19. The disclosure for this sale can be found here. Insiders sold 157,250 shares of company stock valued at $2,791,474 over the last three months. 8.20% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in RDFN. BSW Wealth Partners acquired a new position in Redfin in the first quarter valued at approximately $1,518,000. Clearbridge Investments LLC lifted its holdings in Redfin by 13.8% in the first quarter. Clearbridge Investments LLC now owns 677,509 shares of the company’s stock valued at $13,733,000 after acquiring an additional 82,008 shares during the period. First Trust Advisors LP acquired a new position in Redfin in the first quarter valued at approximately $521,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Redfin during the 1st quarter worth approximately $697,000. Finally, Handelsbanken Fonder AB raised its stake in shares of Redfin by 57.9% during the 2nd 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 during the period. 88.64% of the stock is owned by institutional investors.

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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