Redfin (NASDAQ:RDFN) Given Neutral Rating at Wedbush

Wedbush reiterated their neutral rating on shares of Redfin (NASDAQ:RDFN) in a research note issued to investors on Wednesday morning, RTT News reports. They currently have a $8.00 target price on the stock.

A number of other equities analysts have also recently issued reports on RDFN. Citigroup dropped their price objective on shares of Redfin from $8.00 to $7.00 and set a neutral rating for the company in a research note on Wednesday. Stephens upgraded shares of Redfin from an equal weight rating to an overweight rating and increased their price objective for the company from $8.00 to $9.00 in a research note on Wednesday. Needham & Company LLC restated a hold rating on shares of Redfin in a research note on Wednesday. Royal Bank of Canada dropped their price objective on shares of Redfin from $10.00 to $9.00 and set a sector perform rating for the company in a research note on Wednesday, February 28th. Finally, DA Davidson restated a neutral rating and issued a $6.75 price objective on shares of Redfin in a research note on Friday, March 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Redfin currently has a consensus rating of Hold and a consensus price target of $8.08.

Redfin Stock Performance

Shares of Redfin stock traded up $0.54 on Wednesday, reaching $6.79. The stock had a trading volume of 1,763,352 shares, compared to its average volume of 5,155,774. The business’s 50-day moving average price is $6.12 and its two-hundred day moving average price is $7.15. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.66 and a current ratio of 1.66. Redfin has a fifty-two week low of $4.26 and a fifty-two week high of $17.68. The stock has a market cap of $811.20 million, a P/E ratio of -5.76 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The firm had revenue of $225.50 million during the quarter, compared to the consensus estimate of $217.79 million. During the same period in the prior year, the firm earned ($0.93) EPS. The business’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts forecast that Redfin will post -1.31 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Redfin

Institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new position in Redfin during the third quarter worth $27,000. Allspring Global Investments Holdings LLC increased its holdings in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after buying an additional 3,101 shares during the last quarter. New York State Teachers Retirement System acquired a new position in Redfin during the first quarter worth $66,000. First Trust Direct Indexing L.P. acquired a new position in Redfin during the first quarter worth $72,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in Redfin during the third quarter worth $82,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.