Redfin (NASDAQ:RDFN) Given Neutral Rating at Wedbush

Redfin (NASDAQ:RDFN - Get Free Report)'s stock had its "neutral" rating reissued by Wedbush in a research report issued to clients and investors on Wednesday, RTT News reports. They currently have a $8.00 target price on the stock. Wedbush's price target suggests a potential upside of 28.00% from the company's previous close.

Several other analysts have also weighed in on RDFN. DA Davidson reiterated a "neutral" rating and issued a $6.75 price objective on shares of Redfin in a research note on Friday, March 22nd. Citigroup lowered their price target on Redfin from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday. Stephens raised shares of Redfin from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $8.00 to $9.00 in a report on Wednesday. Needham & Company LLC reaffirmed a "hold" rating on shares of Redfin in a report on Wednesday. Finally, Royal Bank of Canada lowered their target price on Redfin from $10.00 to $9.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 28th. Two 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. According to MarketBeat.com, Redfin presently has a consensus rating of "Hold" and an average price target of $8.03.

Redfin Stock Performance

RDFN stock traded down $0.12 during trading hours on Wednesday, reaching $6.25. The stock had a trading volume of 7,250,551 shares, compared to its average volume of 5,203,667. Redfin has a fifty-two week low of $4.26 and a fifty-two week high of $17.68. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market capitalization of $746.69 million, a PE ratio of -5.34 and a beta of 2.68. The stock has a 50-day simple moving average of $6.14 and a 200 day simple moving average of $7.16.

Redfin (NASDAQ:RDFN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.01. The business had revenue of $225.50 million for the quarter, compared to analyst estimates of $217.79 million. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.93) EPS. Analysts predict that Redfin will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling at Redfin

In related news, insider Christian John Taubman sold 7,916 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $6.90, for a total transaction of $54,620.40. Following the completion of the sale, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Redfin news, insider Anna Stevens sold 10,851 shares of the firm's stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the transaction, the insider now owns 15,477 shares of the company's stock, valued at approximately $104,934.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian John Taubman sold 7,916 shares of the firm's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the completion of the sale, the insider now owns 52,117 shares in the company, valued at $359,607.30. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

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 purchased a new position in shares of Redfin during the 3rd quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Redfin by 205.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company's stock valued at $31,000 after buying an additional 3,101 shares during the period. New York State Teachers Retirement System acquired a new position in shares of Redfin during the first quarter worth $66,000. First Trust Direct Indexing L.P. acquired a new position in Redfin in the 1st quarter worth $72,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in Redfin during the 3rd quarter worth approximately $82,000. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

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.

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