Wedbush Trims Redfin (NASDAQ:RDFN) Target Price to $44.00

Redfin (NASDAQ:RDFN) had its price target reduced by Wedbush from $68.00 to $44.00 in a research report report published on Wednesday, The Fly reports.

Other research analysts have also recently issued research reports about the stock. Piper Sandler restated a buy rating and issued a $69.00 price objective on shares of Redfin in a research report on Friday, November 19th. Truist Securities dropped their price objective on shares of Redfin from $90.00 to $88.00 and set a buy rating for the company in a research report on Monday, November 8th. Zacks Investment Research cut shares of Redfin from a hold rating to a sell rating in a research report on Thursday, January 6th. Royal Bank of Canada dropped their target price on shares of Redfin from $66.00 to $60.00 and set an outperform rating for the company in a research report on Friday, November 5th. Finally, DA Davidson dropped their target price on shares of Redfin from $62.00 to $50.00 and set a neutral rating for the company in a research report on Monday, November 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Redfin presently has an average rating of Hold and an average price target of $67.62.

NASDAQ:RDFN opened at $32.41 on Wednesday. Redfin has a 1 year low of $31.31 and a 1 year high of $98.44. The firm has a 50 day moving average of $40.49 and a 200-day moving average of $48.87. The company has a current ratio of 3.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.82.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, November 4th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Redfin had a negative return on equity of 17.39% and a negative net margin of 4.50%. The company had revenue of $540.10 million during the quarter, compared to the consensus estimate of $535.11 million. During the same quarter last year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 128.0% on a year-over-year basis. On average, equities research analysts predict that Redfin will post -1.16 earnings per share for the current year.

In other Redfin news, insider Anthony Ray Kappus sold 896 shares of the business’s stock in a transaction dated Wednesday, December 8th. The shares were sold at an average price of $41.10, for a total transaction of $36,825.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Christopher John Nielsen sold 4,500 shares of the business’s stock in a transaction dated Wednesday, December 15th. The stock was sold at an average price of $37.51, for a total transaction of $168,795.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,814 shares of company stock valued at $6,659,776. Company insiders own 6.10% of the company’s stock.

A number of large investors have recently modified their holdings of RDFN. First Trust Advisors LP bought a new stake in Redfin during the 1st quarter worth about $521,000. Amundi Pioneer Asset Management Inc. bought a new stake in Redfin during the 1st quarter worth about $697,000. PNC Financial Services Group Inc. lifted its position in Redfin by 24.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 11,774 shares of the company’s stock worth $747,000 after buying an additional 2,286 shares in the last quarter. Rafferty Asset Management LLC raised its holdings in shares of Redfin by 45.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 7,431 shares of the company’s stock valued at $471,000 after purchasing an additional 2,311 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of Redfin by 3.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 39,353 shares of the company’s stock valued at $2,495,000 after purchasing an additional 1,254 shares during the period. 89.84% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Company Profile

Redfin Corp. provides real estate brokerage services. The firm engages in buying and selling homes. It operates through the following segments: Real Estate Services and Properties. The Real Estate Services segment consists of revenue transactions. The Properties segment consists of home purchase costs, capitalized improvements, selling expenses and home maintenance expenses.

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