Redfin Corp (NASDAQ:RDFN) Expected to Post Quarterly Sales of $230.14 Million

Wall Street brokerages predict that Redfin Corp (NASDAQ:RDFN) will post sales of $230.14 million for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Redfin’s earnings, with estimates ranging from $228.23 million to $235.10 million. Redfin reported sales of $140.26 million during the same quarter last year, which suggests a positive year over year growth rate of 64.1%. The company is expected to issue its next earnings report on Thursday, November 14th.

On average, analysts expect that Redfin will report full-year sales of $724.37 million for the current financial year, with estimates ranging from $638.07 million to $751.05 million. For the next financial year, analysts forecast that the firm will post sales of $946.66 million, with estimates ranging from $778.80 million to $1.05 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Redfin.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, August 1st. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $197.80 million during the quarter, compared to the consensus estimate of $190.35 million. Redfin had a negative return on equity of 25.83% and a negative net margin of 15.47%. The business’s quarterly revenue was up 38.7% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share.

Several equities analysts have commented on the company. Stephens upgraded Redfin from an “underweight” rating to an “overweight” rating and increased their target price for the company from $18.00 to $23.00 in a research report on Monday, June 10th. Bank of America raised their price objective on Redfin from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. BidaskClub upgraded Redfin from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. DA Davidson set a $16.00 price objective on Redfin and gave the stock a “hold” rating in a research report on Tuesday, July 2nd. Finally, ValuEngine upgraded Redfin from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $22.93.

Redfin stock traded down $0.35 during trading hours on Thursday, hitting $18.04. The stock had a trading volume of 610,251 shares, compared to its average volume of 1,076,854. The company has a quick ratio of 3.19, a current ratio of 3.91 and a debt-to-equity ratio of 0.54. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -36.82 and a beta of 1.36. Redfin has a one year low of $13.50 and a one year high of $23.47. The business’s 50 day simple moving average is $17.94 and its 200-day simple moving average is $18.87.

In related news, Director Robert J. Mylod, Jr. sold 112,282 shares of the firm’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 transaction of $1,964,935.00. Following the completion of the sale, the director now owns 4,516 shares of the company’s stock, valued at $79,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher John Nielsen sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $17.35, for a total value of $52,050.00. Following the sale, the chief financial officer now directly owns 8,542 shares of the company’s stock, valued at approximately $148,203.70. The disclosure for this sale can be found here. Insiders have sold 150,282 shares of company stock valued at $2,675,385 in the last ninety days. 8.20% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. RFG Advisory LLC raised its stake in shares of Redfin by 8.1% in the second quarter. RFG Advisory LLC now owns 11,363 shares of the company’s stock valued at $203,000 after buying an additional 850 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Redfin in the second quarter valued at $6,461,000. UBS Asset Management Americas Inc. raised its stake in shares of Redfin by 3.5% in the second quarter. UBS Asset Management Americas Inc. now owns 50,601 shares of the company’s stock valued at $910,000 after buying an additional 1,730 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Redfin in the second quarter valued at $151,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Redfin in the second quarter valued at $2,319,000. 93.14% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: What are convertible shares? 

Get a free copy of the Zacks research report on Redfin (RDFN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Redfin (NASDAQ:RDFN)

Receive News & Ratings for Redfin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redfin and related companies with MarketBeat.com's FREE daily email newsletter.