Redfin Corp (RDFN) Expected to Announce Quarterly Sales of $103.93 Million

Wall Street analysts expect Redfin Corp (NASDAQ:RDFN) to report sales of $103.93 million for the current quarter, Zacks reports. Six analysts have provided estimates for Redfin’s earnings, with the lowest sales estimate coming in at $103.30 million and the highest estimate coming in at $105.00 million. Redfin reported sales of $79.89 million in the same quarter last year, which indicates a positive year over year growth rate of 30.1%. The company is expected to report its next quarterly earnings report on Thursday, May 9th.

On average, analysts expect that Redfin will report full-year sales of $607.48 million for the current year, with estimates ranging from $597.82 million to $630.00 million. For the next financial year, analysts expect that the business will post sales of $744.58 million, with estimates ranging from $730.39 million to $780.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Redfin.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, February 14th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.04. Redfin had a negative net margin of 8.62% and a negative return on equity of 14.24%. The business had revenue of $124.10 million for the quarter, compared to analysts’ expectations of $117.15 million. During the same period in the previous year, the business earned ($0.02) earnings per share. The company’s revenue was up 29.5% on a year-over-year basis.

A number of brokerages recently weighed in on RDFN. BidaskClub cut shares of Redfin from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research cut shares of Redfin from a “buy” rating to a “hold” rating in a research note on Thursday, February 21st. Compass Point lifted their price objective on shares of Redfin from $20.50 to $22.75 and gave the company a “buy” rating in a research note on Friday, February 15th. Royal Bank of Canada lifted their target price on Redfin to $26.00 and gave the stock an “outperform” rating in a report on Friday, February 15th. Finally, Bank of America reaffirmed a “neutral” rating and set a $15.00 target price on shares of Redfin in a report on Friday, February 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Redfin currently has a consensus rating of “Hold” and a consensus target price of $20.13.

Shares of NASDAQ RDFN traded down $0.02 during midday trading on Friday, reaching $18.48. 1,055,853 shares of the company traded hands, compared to its average volume of 1,109,628. Redfin has a 52 week low of $13.50 and a 52 week high of $26.01. The company has a quick ratio of 10.25, a current ratio of 10.74 and a debt-to-equity ratio of 0.31. The stock has a market cap of $1.67 billion, a P/E ratio of -37.71 and a beta of 0.92.

In related news, insider Bridget Frey sold 5,000 shares of Redfin stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $20.37, for a total value of $101,850.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $19.64, for a total value of $58,920.00. Following the completion of the transaction, the chief financial officer now directly owns 3,000 shares in the company, valued at approximately $58,920. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,850 shares of company stock worth $947,438. 8.80% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. BBT Capital Management LLC increased its stake in Redfin by 17.4% in the 3rd quarter. BBT Capital Management LLC now owns 135,000 shares of the company’s stock worth $2,525,000 after purchasing an additional 20,000 shares in the last quarter. SG Americas Securities LLC purchased a new position in Redfin in the 3rd quarter worth about $284,000. BlackRock Inc. increased its stake in Redfin by 33.8% in the 3rd quarter. BlackRock Inc. now owns 4,953,847 shares of the company’s stock worth $92,637,000 after purchasing an additional 1,251,210 shares in the last quarter. Capital International Investors purchased a new position in Redfin in the 3rd quarter worth about $107,820,000. Finally, American International Group Inc. increased its stake in Redfin by 8.9% in the 3rd quarter. American International Group Inc. now owns 52,538 shares of the company’s stock worth $982,000 after purchasing an additional 4,303 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

About Redfin

Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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