Redfin Corp (NASDAQ:RDFN) – SunTrust Banks raised their FY2021 earnings estimates for shares of Redfin in a research report issued to clients and investors on Thursday, June 25th. SunTrust Banks analyst N. Khan now expects that the company will post earnings of ($0.80) per share for the year, up from their previous forecast of ($1.02). SunTrust Banks has a “Buy” rating and a $48.00 price objective on the stock. SunTrust Banks also issued estimates for Redfin’s FY2022 earnings at ($0.39) EPS, FY2023 earnings at $0.16 EPS and FY2024 earnings at $0.85 EPS.
Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, May 7th. The company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.11. The business had revenue of $191.00 million during the quarter, compared to analysts’ expectations of $178.77 million. Redfin had a negative net margin of 8.57% and a negative return on equity of 23.57%. The company’s quarterly revenue was up 73.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.74) earnings per share.
RDFN has been the subject of a number of other research reports. Zacks Investment Research raised shares of Redfin from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Wednesday, June 24th. Royal Bank of Canada upped their price objective on shares of Redfin from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Susquehanna Bancshares cut shares of Redfin from a “positive” rating to a “neutral” rating and upped their price objective for the company from $18.00 to $24.00 in a research note on Monday, May 11th. Goldman Sachs Group upped their price objective on shares of Redfin from $16.00 to $23.00 and gave the company a “sell” rating in a research note on Friday, March 27th. Finally, BTIG Research reaffirmed a “buy” rating and set a $44.00 price objective on shares of Redfin in a research note on Friday, June 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $28.75.
RDFN stock opened at $41.91 on Monday. The stock has a market capitalization of $3.85 billion, a P/E ratio of -53.05 and a beta of 1.99. The firm has a 50-day simple moving average of $31.94 and a 200-day simple moving average of $24.40. The company has a quick ratio of 2.84, a current ratio of 3.36 and a debt-to-equity ratio of 0.64. Redfin has a 52 week low of $9.63 and a 52 week high of $42.17.
Institutional investors have recently added to or reduced their stakes in the business. AlphaCrest Capital Management LLC acquired a new stake in Redfin during the 4th quarter worth approximately $333,000. Renaissance Technologies LLC acquired a new stake in shares of Redfin in the 4th quarter valued at $3,091,000. Advisory Research Inc. acquired a new stake in shares of Redfin in the 4th quarter valued at $368,000. Cubist Systematic Strategies LLC raised its holdings in shares of Redfin by 239.0% in the 4th quarter. Cubist Systematic Strategies LLC now owns 89,465 shares of the company’s stock valued at $1,891,000 after purchasing an additional 63,073 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Redfin by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 1,148,879 shares of the company’s stock valued at $24,287,000 after purchasing an additional 41,955 shares in the last quarter. Institutional investors own 88.62% of the company’s stock.
In other Redfin news, CTO Bridget Frey sold 5,000 shares of the stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. Following the sale, the chief technology officer now directly owns 72,472 shares in the company, valued at approximately $1,304,496. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Glenn Kelman sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $24.55, for a total transaction of $491,000.00. Following the sale, the chief executive officer now owns 1,853,039 shares in the company, valued at $45,492,107.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,549 shares of company stock worth $2,517,654. Company insiders own 7.30% 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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