Redfin (NASDAQ:RDFN) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Redfin (NASDAQ:RDFN) from a hold rating to a buy rating in a research note published on Friday, Zacks.com reports. They currently have $22.00 target price on the stock.

According to Zacks, “Redfin Corporation is engaged in providing residential real estate search and brokerage services. The Company provides an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services and originate mortgages. Redfin Corporation is headquartered in Seattle, Washington. “

Other analysts have also recently issued research reports about the company. ValuEngine cut Redfin from a buy rating to a hold rating in a research report on Thursday, October 10th. BidaskClub raised Redfin from a sell rating to a hold rating in a research report on Friday, October 18th. Zelman & Associates upgraded Redfin from a hold rating to a buy rating in a research note on Thursday, November 7th. Susquehanna Bancshares set a $23.00 price target on shares of Redfin and gave the company a buy rating in a research report on Tuesday, October 8th. Finally, Piper Jaffray Companies increased their price objective on shares of Redfin from $26.00 to $28.00 and gave the stock an overweight rating in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Redfin has an average rating of Buy and an average target price of $23.32.

RDFN stock traded up $0.67 on Friday, hitting $21.22. The company had a trading volume of 831,059 shares, compared to its average volume of 1,051,965. The company has a current ratio of 4.81, a quick ratio of 3.68 and a debt-to-equity ratio of 0.52. Redfin has a 12-month low of $13.56 and a 12-month high of $23.47. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -43.31 and a beta of 1.42. The stock’s 50-day simple moving average is $19.21 and its 200 day simple moving average is $17.81.

Redfin (NASDAQ:RDFN) last announced its earnings results on Wednesday, November 6th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $238.68 million during the quarter, compared to analyst estimates of $229.94 million. Redfin had a negative net margin of 12.71% and a negative return on equity of 25.71%. The company’s quarterly revenue was up 70.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. Research analysts forecast that Redfin will post -0.9 earnings per share for the current year.

In other Redfin news, insider Adam Wiener sold 5,000 shares of Redfin stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $17.18, for a total transaction of $85,900.00. Following the transaction, the insider now owns 236,672 shares of the company’s stock, valued at $4,066,024.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $20.20, for a total transaction of $60,600.00. In the last 90 days, insiders sold 52,000 shares of company stock valued at $983,670. Company insiders own 8.20% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co NY raised its holdings in Redfin by 18.0% during the third quarter. Metropolitan Life Insurance Co NY now owns 28,823 shares of the company’s stock valued at $485,000 after acquiring an additional 4,398 shares during the period. Philadelphia Financial Management of San Francisco LLC grew its position in shares of Redfin by 95.6% during the third quarter. Philadelphia Financial Management of San Francisco LLC now owns 1,005,249 shares of the company’s stock worth $16,928,000 after purchasing an additional 491,242 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Redfin by 824.3% during the third quarter. Point72 Asset Management L.P. now owns 1,191,900 shares of the company’s stock worth $20,072,000 after purchasing an additional 1,062,947 shares in the last quarter. California State Teachers Retirement System raised its stake in Redfin by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 137,579 shares of the company’s stock valued at $2,317,000 after purchasing an additional 1,643 shares during the period. Finally, Stifel Financial Corp raised its stake in Redfin by 45.6% during the 3rd quarter. Stifel Financial Corp now owns 17,451 shares of the company’s stock valued at $295,000 after purchasing an additional 5,468 shares during the period. 91.41% of the stock is owned by institutional investors.

Redfin Company Profile

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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