Brokerages Set Redfin Co. (NASDAQ:RDFN) PT at $7.92

Redfin Co. (NASDAQ:RDFN) has been given a consensus rating of “Reduce” by the ten analysts that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation and eight have given a hold recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $7.92.

A number of equities analysts recently commented on the stock. Wedbush reissued a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, February 28th. Gordon Haskett downgraded shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective for the company. in a research note on Thursday, February 29th. Citigroup reduced their price objective on shares of Redfin from $10.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Royal Bank of Canada cut their price target on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $6.75 price target on shares of Redfin in a report on Friday, March 22nd.

Redfin Stock Performance

Redfin stock opened at $5.20 on Friday. The company has a 50 day moving average price of $6.49 and a 200-day moving average price of $7.18. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.66 and a current ratio of 1.66. Redfin has a fifty-two week low of $4.26 and a fifty-two week high of $17.68. The company has a market capitalization of $620.05 million, a PE ratio of -4.44 and a beta of 2.66.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. The firm had revenue of $218.08 million during the quarter, compared to the consensus estimate of $220.32 million. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.83) earnings per share. As a group, equities analysts forecast that Redfin will post -1.31 earnings per share for the current year.

Insider Activity

In other news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the sale, the insider now directly owns 52,117 shares of the company’s stock, valued at $359,607.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the sale, the insider now directly owns 52,117 shares of the company’s stock, valued at $359,607.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total transaction of $73,569.78. Following the transaction, the insider now owns 15,477 shares of the company’s stock, valued at $104,934.06. The disclosure for this sale can be found here. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. DekaBank Deutsche Girozentrale acquired a new position in Redfin during the third quarter valued at $27,000. DHJJ Financial Advisors Ltd. acquired a new position in Redfin during the third quarter valued at $28,000. Allspring Global Investments Holdings LLC lifted its position in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares during the period. Point72 Middle East FZE acquired a new position in shares of Redfin in the fourth quarter worth about $41,000. Finally, Garner Asset Management Corp acquired a new position in shares of Redfin in the fourth quarter worth about $59,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

About Redfin

Redfin Corporation operates as a residential 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; and originates and sells mortgages.