BidaskClub Downgrades Redfin (RDFN) to Buy

Redfin (NASDAQ:RDFN) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

Other equities research analysts also recently issued research reports about the company. ValuEngine upgraded Redfin from a “hold” rating to a “buy” rating in a report on Thursday, January 31st. Zacks Investment Research upgraded Redfin from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Wednesday, January 30th. Compass Point started coverage on Redfin in a report on Thursday, January 24th. They set a “buy” rating and a $20.50 price target for the company. Cowen reiterated a “buy” rating and set a $21.00 price target on shares of Redfin in a report on Monday, February 4th. Finally, Jefferies Financial Group downgraded Redfin from a “buy” rating to a “hold” rating in a report on Wednesday, January 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $20.13.

Shares of Redfin stock opened at $18.50 on Wednesday. Redfin has a 12-month low of $13.50 and a 12-month high of $26.01. The firm has a market cap of $1.73 billion, a P/E ratio of -37.76 and a beta of 0.92. The company has a quick ratio of 10.25, a current ratio of 10.74 and a debt-to-equity ratio of 0.31.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, February 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. Redfin had a negative return on equity of 14.24% and a negative net margin of 8.62%. The business had revenue of $124.10 million during the quarter, compared to the consensus estimate of $117.15 million. During the same quarter in the prior year, the company posted ($0.02) earnings per share. Redfin’s revenue was up 29.5% compared to the same quarter last year. On average, equities analysts anticipate that Redfin will post -0.87 EPS for the current year.

In related news, Director Selina Tobaccowala sold 1,710 shares of the stock in a transaction dated Thursday, January 17th. The stock was sold at an average price of $18.00, for a total transaction of $30,780.00. Following the sale, the director now owns 17,302 shares of the company’s stock, valued at approximately $311,436. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bridget Frey sold 5,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $20.37, for a total value of $101,850.00. The disclosure for this sale can be found here. Insiders have sold a total of 51,850 shares of company stock valued at $947,438 in the last quarter. 8.80% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors lifted its holdings in Redfin by 167.7% during the 4th quarter. Captrust Financial Advisors now owns 2,136 shares of the company’s stock worth $31,000 after purchasing an additional 1,338 shares in the last quarter. Great Point Wealth Advisors LLC purchased a new stake in Redfin during the 4th quarter worth about $144,000. Amalgamated Bank purchased a new stake in Redfin during the 4th quarter worth about $165,000. United Services Automobile Association purchased a new stake in Redfin during the 3rd quarter worth about $195,000. Finally, Jane Street Group LLC purchased a new stake in shares of Redfin in the 4th quarter valued at about $195,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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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