Redfin Co. (NASDAQ:RDFN – Get Rating) shares fell 10.4% during trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $10.00 to $9.00. The stock traded as low as $10.78 and last traded at $10.83. 48,305 shares traded hands during trading, a decline of 98% from the average session volume of 2,755,978 shares. The stock had previously closed at $12.09.
A number of other brokerages have also weighed in on RDFN. Compass Point restated a “neutral” rating and set a $8.50 price target on shares of Redfin in a research note on Tuesday, June 21st. KeyCorp initiated coverage on shares of Redfin in a research note on Tuesday, July 12th. They set a “sector weight” rating for the company. Wedbush lowered Redfin from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $14.00 to $9.00 in a research note on Monday, July 11th. Truist Financial dropped their price target on Redfin from $31.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, August 1st. Finally, Susquehanna reduced their price objective on Redfin from $25.00 to $13.00 in a research note on Monday, May 9th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.92.
Insider Activity
In other Redfin news, CFO Christopher John Nielsen sold 4,500 shares of the stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $8.15, for a total transaction of $36,675.00. Following the transaction, the chief financial officer now directly owns 73,786 shares of the company’s stock, valued at $601,355.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Glenn Kelman sold 15,000 shares of the stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $10.54, for a total value of $158,100.00. Following the completion of the transaction, the chief executive officer now directly owns 1,226,502 shares of the company’s stock, valued at approximately $12,927,331.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Christopher John Nielsen sold 4,500 shares of Redfin stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $8.15, for a total transaction of $36,675.00. Following the sale, the chief financial officer now directly owns 73,786 shares in the company, valued at approximately $601,355.90. The disclosure for this sale can be found here. Insiders have sold 34,500 shares of company stock worth $354,975 in the last quarter. Corporate insiders own 5.20% of the company’s stock.
Hedge Funds Weigh In On Redfin
Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in Redfin by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 185,445 shares of the company’s stock worth $7,120,000 after purchasing an additional 498 shares in the last quarter. Souders Financial Advisors increased its holdings in shares of Redfin by 8.2% in the fourth quarter. Souders Financial Advisors now owns 10,110 shares of the company’s stock valued at $388,000 after purchasing an additional 769 shares during the last quarter. Raymond James & Associates lifted its position in Redfin by 1.0% during the fourth quarter. Raymond James & Associates now owns 78,164 shares of the company’s stock worth $3,001,000 after buying an additional 776 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its stake in Redfin by 0.7% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 120,815 shares of the company’s stock worth $4,638,000 after buying an additional 800 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Redfin by 0.4% in the 4th quarter. Swiss National Bank now owns 207,800 shares of the company’s stock valued at $7,977,000 after buying an additional 900 shares in the last quarter. 97.94% of the stock is owned by hedge funds and other institutional investors.
Redfin Stock Down 10.2 %
The company has a debt-to-equity ratio of 5.26, a quick ratio of 2.84 and a current ratio of 3.66. The business has a 50 day simple moving average of $9.19 and a 200-day simple moving average of $15.24. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -5.31 and a beta of 1.92.
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 ($0.62) by ($0.11). The firm had revenue of $606.92 million for the quarter, compared to analysts’ expectations of $611.37 million. Redfin had a negative return on equity of 73.11% and a negative net margin of 9.00%. Redfin’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same period last year, the firm earned ($0.29) earnings per share. On average, equities analysts expect that Redfin Co. will post -2.03 EPS 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; originates and sells mortgages; and buys and sells homes.