$598.48 Million in Sales Expected for Redfin Co. (NASDAQ:RDFN) This Quarter

Wall Street brokerages forecast that Redfin Co. (NASDAQ:RDFN) will post $598.48 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Redfin’s earnings, with the highest sales estimate coming in at $605.64 million and the lowest estimate coming in at $594.70 million. Redfin reported sales of $244.52 million in the same quarter last year, which indicates a positive year-over-year growth rate of 144.8%. The business is expected to announce its next quarterly earnings results on Wednesday, February 23rd.

On average, analysts expect that Redfin will report full-year sales of $1.88 billion for the current financial year, with estimates ranging from $1.87 billion to $1.92 billion. For the next financial year, analysts anticipate that the business will report sales of $2.57 billion, with estimates ranging from $2.30 billion to $2.91 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Redfin.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, November 4th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $540.10 million for the quarter, compared to the consensus estimate of $535.11 million. Redfin had a negative net margin of 4.50% and a negative return on equity of 17.39%. The company’s revenue for the quarter was up 128.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 earnings per share.

Several equities research analysts recently weighed in on RDFN shares. Truist Securities decreased their price objective on Redfin from $90.00 to $88.00 and set a “buy” rating for the company in a report on Monday, November 8th. Royal Bank of Canada reduced their price target on Redfin from $66.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, November 5th. Susquehanna Bancshares began coverage on Redfin in a research report on Friday, August 13th. They issued a “neutral” rating and a $60.00 price target for the company. Susquehanna initiated coverage on Redfin in a research report on Friday, August 13th. They issued a “neutral” rating and a $60.00 price target for the company. Finally, DA Davidson cut their target price on Redfin from $62.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $70.23.

In related news, insider Adam Wiener sold 5,000 shares of the company’s stock in a transaction dated Friday, September 17th. The stock was sold at an average price of $50.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 306,391 shares of the company’s stock, valued at approximately $15,319,550. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher John Nielsen sold 4,500 shares of the stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $51.20, for a total value of $230,400.00. Following the completion of the transaction, the chief financial officer now owns 31,121 shares of the company’s stock, valued at $1,593,395.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 93,750 shares of company stock valued at $4,583,108. 6.10% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Baillie Gifford & Co. grew its position in Redfin by 5.4% in the 2nd quarter. Baillie Gifford & Co. now owns 10,436,977 shares of the company’s stock worth $661,808,000 after purchasing an additional 536,058 shares during the last quarter. Bares Capital Management Inc. increased its stake in shares of Redfin by 30.1% during the 3rd quarter. Bares Capital Management Inc. now owns 10,404,721 shares of the company’s stock worth $521,277,000 after purchasing an additional 2,409,821 shares during the last quarter. Durable Capital Partners LP grew its stake in Redfin by 6.7% in the 2nd quarter. Durable Capital Partners LP now owns 9,163,912 shares of the company’s stock valued at $581,084,000 after buying an additional 576,272 shares during the last quarter. BlackRock Inc. grew its stake in Redfin by 4.0% in the 3rd quarter. BlackRock Inc. now owns 7,388,306 shares of the company’s stock valued at $370,155,000 after buying an additional 282,111 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in Redfin by 45.9% in the 3rd quarter. Janus Henderson Group PLC now owns 6,232,964 shares of the company’s stock valued at $312,271,000 after buying an additional 1,960,917 shares during the last quarter. 87.07% of the stock is owned by institutional investors and hedge funds.

NASDAQ:RDFN traded up $1.51 on Monday, reaching $42.92. 694,034 shares of the stock traded hands, compared to its average volume of 1,406,580. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of -57.23 and a beta of 1.72. Redfin has a 1-year low of $40.11 and a 1-year high of $98.44. The company has a current ratio of 3.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.82. The company’s 50 day moving average is $49.55 and its 200-day moving average is $53.69.

Redfin Company Profile

Redfin Corp. provides real estate brokerage services. The firm engages in buying and selling homes. It operates through the following segments: Real Estate Services and Properties. The Real Estate Services segment consists of revenue transactions. The Properties segment consists of home purchase costs, capitalized improvements, selling expenses and home maintenance expenses.

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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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