Redfin Co. (NASDAQ:RDFN – Get Rating)’s share price was down 10.2% on Tuesday after DA Davidson lowered their price target on the stock from $13.50 to $9.50. The company traded as low as $7.88 and last traded at $7.90. Approximately 98,363 shares changed hands during trading, a decline of 97% from the average daily volume of 3,232,074 shares. The stock had previously closed at $8.80.
A number of other equities research analysts have also issued reports on RDFN. KeyCorp assumed coverage on shares of Redfin in a report on Tuesday, July 12th. They issued a “sector weight” rating on the stock. Truist Financial decreased their target price on shares of Redfin from $31.00 to $18.00 and set a “buy” rating for the company in a report on Monday, August 1st. Compass Point boosted their price objective on shares of Redfin to $9.00 in a report on Monday, August 22nd. Wedbush cut Redfin from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $14.00 to $9.00 in a research report on Monday, July 11th. Finally, Stifel Nicolaus lowered their price objective on Redfin from $10.00 to $9.00 in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Redfin has an average rating of “Hold” and an average target price of $18.58.
Insider Activity at Redfin
In other Redfin news, CFO Christopher John Nielsen sold 4,500 shares of the company’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $8.15, for a total value of $36,675.00. Following the completion of the sale, the chief financial officer now directly owns 73,786 shares in the company, valued at approximately $601,355.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.20% of the stock is owned by company insiders.
Institutional Investors Weigh In On Redfin
Hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new position in shares of Redfin in the 2nd quarter worth $25,000. ETF Managers Group LLC acquired a new position in Redfin during the 4th quarter valued at about $62,000. Meeder Asset Management Inc. acquired a new position in shares of Redfin in the first quarter valued at about $83,000. Cetera Investment Advisers acquired a new position in shares of Redfin in the second quarter valued at about $87,000. Finally, Cetera Advisor Networks LLC acquired a new position in shares of Redfin in the second quarter valued at about $100,000. 90.79% of the stock is currently owned by hedge funds and other institutional investors.
Redfin Stock Down 9.2 %
The company has a quick ratio of 1.42, a current ratio of 2.00 and a debt-to-equity ratio of 6.84. The stock has a market cap of $866.60 million, a PE ratio of -3.91 and a beta of 1.90. The business has a 50 day moving average price of $9.44 and a 200 day moving average price of $12.10.
Redfin (NASDAQ:RDFN – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). Redfin had a negative return on equity of 80.56% and a negative net margin of 9.00%. The company had revenue of $606.92 million during the quarter, compared to analysts’ expectations of $611.37 million. During the same quarter in the previous year, the company earned ($0.29) EPS. The firm’s quarterly revenue was up 28.8% compared to the same quarter last year. Equities research analysts expect that Redfin Co. will post -2.76 EPS for the current fiscal year.
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; originates and sells mortgages; and buys and sells homes.