Redfin Co. (NASDAQ:RDFN) Receives Average Recommendation of “Hold” from Brokerages

Redfin Co. (NASDAQ:RDFN) has earned a consensus rating of “Hold” from the twelve brokerages that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $8.98.

A number of research firms recently issued reports on RDFN. Wedbush upped their price objective on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and upped their target price for the company from $6.00 to $6.50 in a report on Monday, November 18th. Jefferies Financial Group raised their price target on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Susquehanna upped their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, DA Davidson reissued a “neutral” rating and set a $7.25 target price on shares of Redfin in a research note on Tuesday, November 19th.

Redfin Price Performance

Shares of NASDAQ:RDFN opened at $8.54 on Thursday. The business’s 50 day simple moving average is $9.66 and its 200 day simple moving average is $9.08. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29. The company has a market capitalization of $1.06 billion, a P/E ratio of -6.67 and a beta of 2.63.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. On average, sell-side analysts anticipate that Redfin will post -1.25 EPS for the current fiscal year.

Insider Activity

In related news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares in the company, valued at $252,714.54. This trade represents a 21.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Two Sigma Advisers LP increased its position in shares of Redfin by 124.9% during the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after acquiring an additional 1,193,900 shares in the last quarter. Tidal Investments LLC acquired a new position in Redfin during the 3rd quarter valued at about $10,650,000. Assenagon Asset Management S.A. increased its holdings in Redfin by 210.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after purchasing an additional 740,759 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Redfin by 476.6% in the third quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock worth $10,018,000 after purchasing an additional 660,872 shares during the last quarter. Finally, Zacks Investment Management bought a new position in shares of Redfin in the third quarter valued at approximately $2,108,000. Institutional investors and hedge funds own 61.07% of the company’s stock.

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; and originates and sells mortgages.