Susquehanna Bancshares Upgrades Redfin (NASDAQ:RDFN) to “Positive”

Redfin (NASDAQ:RDFN) was upgraded by Susquehanna Bancshares from a “neutral” rating to a “positive” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $23.00 price objective on the stock. Susquehanna Bancshares’ price objective points to a potential upside of 35.37% from the stock’s previous close.

Several other brokerages also recently commented on RDFN. TheStreet raised shares of Third Point Reinsurance from a “d+” rating to a “c-” rating in a research note on Tuesday, May 14th. Zacks Investment Research lowered shares of Hess Midstream Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, May 14th. Compass Point lowered shares of Redfin from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $25.00 to $22.00 in a research report on Thursday, May 9th. Cowen set a $24.00 price target on shares of Redfin and gave the stock a “buy” rating in a research report on Friday, June 21st. Finally, Piper Jaffray Companies lowered their price target on shares of CELYAD SA/ADR from $51.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday, April 1st. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $22.21.

Shares of NASDAQ:RDFN opened at $16.99 on Wednesday. The firm’s fifty day moving average is $17.54. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -34.67 and a beta of 1.36. Redfin has a 12-month low of $13.50 and a 12-month high of $26.01. The company has a quick ratio of 4.36, a current ratio of 4.73 and a debt-to-equity ratio of 0.50.

Redfin (NASDAQ:RDFN) last announced its earnings results on Wednesday, May 8th. The company reported ($0.74) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.01. Redfin had a negative net margin of 14.06% and a negative return on equity of 22.64%. The firm had revenue of $110.10 million for the quarter, compared to the consensus estimate of $103.97 million. During the same quarter last year, the firm posted ($0.44) EPS. The business’s quarterly revenue was up 37.8% on a year-over-year basis. Sell-side analysts expect that Redfin will post -0.97 earnings per share for the current year.

In related news, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $17.32, for a total transaction of $51,960.00. Following the sale, the chief financial officer now directly owns 3,000 shares in the company, valued at approximately $51,960. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Adam Wiener sold 10,000 shares of Redfin stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.05, for a total transaction of $220,500.00. Following the sale, the insider now owns 135,849 shares in the company, valued at $2,995,470.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,381 shares of company stock worth $649,039. 8.20% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. purchased a new stake in Redfin in the second quarter worth $192,000. Edge Wealth Management LLC increased its holdings in shares of Redfin by 90.9% during the second quarter. Edge Wealth Management LLC now owns 4,200 shares of the company’s stock valued at $76,000 after acquiring an additional 2,000 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in Redfin by 57.9% in 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 in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Redfin in the 1st quarter worth about $697,000. Finally, First Trust Advisors LP bought a new stake in Redfin in the 1st quarter worth about $521,000. Institutional investors and hedge funds own 93.92% of the company’s stock.

Redfin Company Profile

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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