Redfin Co. (NASDAQ:RDFN - Get Free Report)'s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $6.37, but opened at $7.00. Redfin shares last traded at $6.44, with a volume of 2,677,321 shares.
The company reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.58) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The firm had revenue of $225.50 million for the quarter, compared to analysts' expectations of $217.79 million. During the same quarter in the prior year, the firm earned ($0.93) EPS. The business's revenue for the quarter was up 5.3% compared to the same quarter last year.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on RDFN shares. Stephens raised Redfin from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $8.00 to $9.00 in a research report on Wednesday. DA Davidson reissued a "neutral" rating and set a $6.75 price objective on shares of Redfin in a report on Friday, March 22nd. Gordon Haskett cut Redfin from a "hold" rating to an "underperform" rating and set a $5.50 price objective on the stock. in a report on Thursday, February 29th. Royal Bank of Canada dropped their price objective on Redfin from $10.00 to $9.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 28th. Finally, Wedbush reissued a "neutral" rating and set a $8.00 price objective on shares of Redfin in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $8.03.
Check Out Our Latest Stock Report on Redfin
Insiders Place Their Bets
In other Redfin news, insider Anna Stevens sold 10,851 shares of the company's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total value of $73,569.78. Following the transaction, the insider now directly owns 15,477 shares in the company, valued at approximately $104,934.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Anna Stevens sold 10,851 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the transaction, the insider now directly owns 15,477 shares in the company, valued at approximately $104,934.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian John Taubman sold 7,916 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the transaction, the insider now owns 52,117 shares in the company, valued at $359,607.30. The disclosure for this sale can be found here. Corporate insiders own 5.30% of the company's stock.
Hedge Funds Weigh In On Redfin
Institutional investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in Redfin in the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased its stake in Redfin by 205.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company's stock worth $31,000 after purchasing an additional 3,101 shares during the period. Tower Research Capital LLC TRC increased its stake in Redfin by 101.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,864 shares of the company's stock worth $91,000 after purchasing an additional 4,474 shares during the period. New York State Teachers Retirement System purchased a new position in Redfin in the 1st quarter worth approximately $66,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Redfin in the 1st quarter worth approximately $72,000. 61.07% of the stock is currently owned by institutional investors.
Redfin Stock Down 1.9 %
The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 295.91. The stock has a 50 day simple moving average of $6.14 and a 200 day simple moving average of $7.16. The firm has a market capitalization of $746.69 million, a PE ratio of -5.34 and a beta of 2.68.
Redfin Company Profile
(
Get Free Report)
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.
Further Reading
Before you consider Redfin, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Redfin wasn't on the list.
While Redfin currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
