Redfin Co. (NASDAQ:RDFN) Given Average Recommendation of "Hold" by Brokerages

Redfin Co. (NASDAQ:RDFN - Get Free Report) has earned an average recommendation of "Hold" from the fourteen research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $10.45.

Several equities research analysts have commented on RDFN shares. DA Davidson restated a "neutral" rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, February 19th. Zelman & Associates upgraded shares of Redfin to a "strong-buy" rating in a research note on Wednesday, March 5th. Needham & Company LLC restated a "hold" rating on shares of Redfin in a research report on Tuesday, March 11th. Stephens decreased their price objective on shares of Redfin from $12.50 to $11.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Piper Sandler raised shares of Redfin from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 16,209 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $11.15, for a total value of $180,730.35. Following the completion of the transaction, the insider now directly owns 74,616 shares of the company's stock, valued at approximately $831,968.40. This represents a 17.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Redfin

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. Magnetar Financial LLC purchased a new position in shares of Redfin in the first quarter worth about $39,001,000. Alpine Associates Management Inc. purchased a new position in Redfin in the 1st quarter worth approximately $12,150,000. Nuveen LLC acquired a new position in shares of Redfin during the 1st quarter worth approximately $10,222,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of Redfin during the 1st quarter worth approximately $8,285,000. Finally, Jones Financial Companies Lllp grew its position in shares of Redfin by 38,105.3% in the first quarter. Jones Financial Companies Lllp now owns 677,380 shares of the company's stock valued at $6,239,000 after purchasing an additional 675,607 shares in the last quarter. Institutional investors and hedge funds own 61.07% of the company's stock.

Redfin Trading Up 3.3%

NASDAQ RDFN opened at $10.35 on Friday. Redfin has a 12-month low of $5.49 and a 12-month high of $15.29. The company has a fifty day simple moving average of $9.58 and a two-hundred day simple moving average of $8.88. The stock has a market cap of $1.33 billion, a P/E ratio of -8.09 and a beta of 2.50.

Redfin (NASDAQ:RDFN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.04). The company had revenue of $221.03 million during the quarter, compared to analysts' expectations of $220.89 million. During the same quarter last year, the firm posted ($0.57) earnings per share. Redfin's revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Redfin will post -1.25 earnings per share for the current year.

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; and originates and sells mortgages.

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