Redfin (NASDAQ:RDFN) Upgraded at Craig Hallum

Craig Hallum upgraded shares of Redfin (NASDAQ:RDFN) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. Craig Hallum currently has $24.00 price target on the stock.

Other equities research analysts have also issued reports about the stock. Bank of America increased their target price on shares of Redfin from $21.00 to $22.00 and gave the stock a neutral rating in a report on Friday, August 2nd. Stephens upgraded shares of Redfin from an underweight rating to an overweight rating and increased their target price for the stock from $18.00 to $23.00 in a report on Monday, June 10th. SunTrust Banks assumed coverage on shares of Redfin in a report on Tuesday, July 9th. They issued a buy rating and a $23.00 target price on the stock. Stifel Nicolaus increased their target price on shares of Redfin from $18.00 to $20.00 and gave the stock a hold rating in a report on Friday, August 2nd. Finally, Susquehanna Bancshares upgraded shares of Redfin from a neutral rating to a positive rating and set a $23.00 price objective on the stock in a report on Wednesday, July 17th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $22.93.

RDFN opened at $16.86 on Wednesday. The firm’s fifty day moving average is $17.93 and its two-hundred day moving average is $18.87. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.19 and a current ratio of 3.91. The firm has a market cap of $1.55 billion, a PE ratio of -34.41 and a beta of 1.36. Redfin has a twelve month low of $13.50 and a twelve month high of $23.47.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, August 1st. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The company had revenue of $197.80 million for the quarter, compared to analyst estimates of $190.35 million. Redfin had a negative net margin of 15.47% and a negative return on equity of 25.83%. The business’s revenue for the quarter was up 38.7% compared to the same quarter last year. During the same period last year, the business posted $0.04 earnings per share. Equities analysts forecast that Redfin will post -0.93 EPS for the current fiscal year.

In related news, CFO Christopher John Nielsen sold 3,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $17.35, for a total transaction of $52,050.00. Following the sale, the chief financial officer now directly owns 8,542 shares in the company, valued at $148,203.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert J. Mylod, Jr. sold 112,282 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $17.50, for a total transaction of $1,964,935.00. Following the completion of the transaction, the director now directly owns 4,516 shares of the company’s stock, valued at approximately $79,030. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,282 shares of company stock worth $2,675,385. 8.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. RFG Advisory LLC grew its position in Redfin by 8.1% in the second quarter. RFG Advisory LLC now owns 11,363 shares of the company’s stock valued at $203,000 after purchasing an additional 850 shares in the last quarter. Penserra Capital Management LLC bought a new position in Redfin in the first quarter valued at $25,000. Legal & General Group Plc grew its position in Redfin by 4.4% in the fourth quarter. Legal & General Group Plc now owns 31,859 shares of the company’s stock valued at $459,000 after purchasing an additional 1,333 shares in the last quarter. Keybank National Association OH grew its position in Redfin by 6.4% in the first quarter. Keybank National Association OH now owns 27,492 shares of the company’s stock valued at $557,000 after purchasing an additional 1,660 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its position in Redfin by 3.5% in the second quarter. UBS Asset Management Americas Inc. now owns 50,601 shares of the company’s stock valued at $910,000 after purchasing an additional 1,730 shares in the last quarter. 93.14% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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