Redfin (NASDAQ:RDFN) had its price objective reduced by equities researchers at Wedbush from $94.00 to $85.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price target points to a potential upside of 60.89% from the company's previous close.
A number of other equities analysts also recently issued reports on the stock. Needham & Company LLC initiated coverage on shares of Redfin in a research note on Monday. They set a "hold" rating on the stock. DA Davidson increased their price objective on shares of Redfin from $70.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, March 3rd. BTIG Research downgraded shares of Redfin from a "buy" rating to a "neutral" rating in a research note on Tuesday, January 12th. Piper Sandler decreased their target price on shares of Redfin from $99.00 to $75.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group raised shares of Redfin from a "sell" rating to a "neutral" rating and increased their target price for the company from $41.00 to $78.00 in a research report on Friday, February 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company's stock. Redfin has a consensus rating of "Hold" and a consensus target price of $58.69.
RDFN stock traded down $9.35 during mid-day trading on Thursday, reaching $52.83. The company had a trading volume of 119,472 shares, compared to its average volume of 1,668,157. The firm has a 50 day moving average of $67.46 and a 200 day moving average of $66.11. Redfin has a 12 month low of $20.28 and a 12 month high of $98.44. The company has a market capitalization of $5.49 billion, a PE ratio of -105.42 and a beta of 1.96.
Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Tuesday, February 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of $0.04 by $0.07. Redfin had a negative net margin of 4.61% and a negative return on equity of 11.80%. The firm had revenue of $244.52 million for the quarter, compared to the consensus estimate of $233.11 million. Equities analysts anticipate that Redfin will post -0.35 EPS for the current fiscal year.
In other news, CFO Christopher John Nielsen sold 4,500 shares of the stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $66.23, for a total value of $298,035.00. Following the sale, the chief financial officer now owns 24,237 shares in the company, valued at $1,605,216.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Selina Tobaccowala sold 2,000 shares of the stock in a transaction on Friday, April 9th. The stock was sold at an average price of $67.34, for a total transaction of $134,680.00. Following the completion of the sale, the director now owns 99,154 shares in the company, valued at approximately $6,677,030.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,850 shares of company stock valued at $5,577,443. Corporate insiders own 8.20% of the company's stock.
Several large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in shares of Redfin by 14.9% in the first quarter. Baillie Gifford & Co. now owns 9,900,919 shares of the company's stock worth $659,302,000 after acquiring an additional 1,284,440 shares during the period. Oak Ridge Investments LLC increased its stake in shares of Redfin by 874.9% in the first quarter. Oak Ridge Investments LLC now owns 687,864 shares of the company's stock worth $45,805,000 after acquiring an additional 617,304 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Redfin by 37.7% in the first quarter. Commonwealth Equity Services LLC now owns 14,163 shares of the company's stock worth $943,000 after acquiring an additional 3,879 shares during the period. Trustcore Financial Services LLC increased its stake in shares of Redfin by 62.5% in the first quarter. Trustcore Financial Services LLC now owns 650 shares of the company's stock worth $43,000 after acquiring an additional 250 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Redfin in the first quarter worth $659,000. Hedge funds and other institutional investors own 83.82% of the company's stock.
Redfin Company Profile
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; originates and sells mortgages; and buys and sells homes.
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