DA Davidson Increases Redfin (NASDAQ:RDFN) Price Target to $54.00

Redfin (NASDAQ:RDFN) had its price target upped by DA Davidson from $47.00 to $54.00 in a research note issued to investors on Thursday, Benzinga reports. DA Davidson currently has a buy rating on the stock.

RDFN has been the subject of a number of other research reports. Zacks Investment Research upgraded Redfin from a hold rating to a buy rating and set a $47.00 price objective for the company in a research note on Friday, August 7th. BidaskClub cut Redfin from a strong-buy rating to a buy rating in a research note on Saturday, September 19th. Zelman & Associates upgraded Redfin from a hold rating to a buy rating in a research note on Monday, July 27th. BTIG Research lifted their price objective on Redfin from $44.00 to $50.00 and gave the company a buy rating in a research note on Monday, August 3rd. Finally, Goldman Sachs Group lifted their price objective on Redfin from $19.00 to $30.00 and gave the company a sell rating in a research note on Monday, July 20th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Redfin currently has an average rating of Hold and a consensus price target of $40.18.

RDFN opened at $47.53 on Thursday. The stock has a market cap of $4.73 billion, a PE ratio of -65.11 and a beta of 1.96. The company has a quick ratio of 4.14, a current ratio of 4.21 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average of $46.28 and a 200-day moving average of $32.58. Redfin has a 52 week low of $9.63 and a 52 week high of $55.43.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, July 30th. The company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.16. The company had revenue of $213.67 million during the quarter, compared to analysts’ expectations of $186.78 million. Redfin had a negative return on equity of 20.93% and a negative net margin of 7.73%. Equities analysts anticipate that Redfin will post -0.41 EPS for the current year.

In related news, CTO Bridget Frey sold 5,000 shares of Redfin stock in a transaction on Monday, July 6th. The stock was sold at an average price of $42.51, for a total value of $212,550.00. Following the completion of the sale, the chief technology officer now owns 107,577 shares of the company’s stock, valued at $4,573,098.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Glenn Kelman sold 20,000 shares of Redfin stock in a transaction on Monday, August 10th. The stock was sold at an average price of $42.20, for a total value of $844,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,790,445 shares of the company’s stock, valued at approximately $75,556,779. The disclosure for this sale can be found here. Insiders sold 340,630 shares of company stock valued at $15,390,964 in the last ninety days. 7.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDFN. Oppenheimer Asset Management Inc. purchased a new position in Redfin during the first quarter valued at $30,000. PNC Financial Services Group Inc. lifted its position in Redfin by 1,772.9% during the first quarter. PNC Financial Services Group Inc. now owns 3,184 shares of the company’s stock valued at $49,000 after purchasing an additional 3,014 shares in the last quarter. Arkadios Wealth Advisors lifted its position in Redfin by 368.0% during the first quarter. Arkadios Wealth Advisors now owns 3,791 shares of the company’s stock valued at $58,000 after purchasing an additional 2,981 shares in the last quarter. First Mercantile Trust Co. purchased a new position in Redfin during the first quarter valued at $127,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Redfin during the second quarter valued at $168,000. Institutional investors own 89.59% of the company’s stock.

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.

Recommended Story: The components of the Stochastic Momentum Index

Analyst Recommendations for Redfin (NASDAQ:RDFN)

Receive News & Ratings for Redfin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redfin and related companies with MarketBeat.com's FREE daily email newsletter.