BTIG Research Downgrades Redfin (NASDAQ:RDFN) to Neutral


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Redfin (NASDAQ:RDFN) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a report issued on Tuesday, AR Network reports.

Several other equities analysts also recently commented on RDFN. DA Davidson raised their target price on Redfin from $47.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, September 24th. ValuEngine cut Redfin from a “buy” rating to a “hold” rating in a report on Wednesday, November 11th. Wedbush raised their price target on Redfin from $59.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, January 6th. BidaskClub cut Redfin from a “buy” rating to a “hold” rating in a report on Tuesday, January 5th. Finally, Wolfe Research assumed coverage on Redfin in a report on Friday, November 6th. They set an “outperform” rating for the company. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $49.67.

Redfin stock opened at $78.07 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.21 and a quick ratio of 4.14. The company has a market capitalization of $7.99 billion, a PE ratio of -106.95 and a beta of 1.90. Redfin has a one year low of $9.63 and a one year high of $83.71. The business has a 50 day simple moving average of $65.15 and a 200 day simple moving average of $50.02.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, November 5th. The company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The business had revenue of $236.92 million during the quarter, compared to the consensus estimate of $216.52 million. Redfin had a negative return on equity of 20.93% and a negative net margin of 7.73%. Redfin’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the company earned $0.07 EPS. Equities analysts anticipate that Redfin will post -0.46 earnings per share for the current fiscal year.

In related news, CEO Glenn Kelman sold 60,000 shares of Redfin stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $40.95, for a total transaction of $2,457,000.00. Also, insider Adam Wiener sold 15,000 shares of Redfin stock in a transaction on Tuesday, January 12th. The stock was sold at an average price of $80.01, for a total value of $1,200,150.00. Following the sale, the insider now directly owns 290,509 shares of the company’s stock, valued at $23,243,625.09. The disclosure for this sale can be found here. Insiders sold a total of 143,321 shares of company stock valued at $8,166,062 over the last three months. Insiders own 8.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in RDFN. Vanguard Group Inc. grew its stake in shares of Redfin by 13.1% during the second quarter. Vanguard Group Inc. now owns 11,995,447 shares of the company’s stock worth $502,729,000 after purchasing an additional 1,390,802 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in shares of Redfin during the third quarter worth $13,257,000. Federated Hermes Inc. grew its stake in shares of Redfin by 123.0% during the third quarter. Federated Hermes Inc. now owns 337,927 shares of the company’s stock worth $16,872,000 after purchasing an additional 186,360 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Redfin during the third quarter worth $8,560,000. Finally, Great West Life Assurance Co. Can grew its stake in shares of Redfin by 2,708.8% during the third quarter. Great West Life Assurance Co. Can now owns 172,210 shares of the company’s stock worth $4,338,000 after purchasing an additional 166,079 shares during the period. 89.59% 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 and Canada. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in the purchase or sell of home. It also provides title and settlement services; originates and sells mortgages; and buys and sells homes.

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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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