Needham & Company LLC Reiterates “Hold” Rating for Redfin (NASDAQ:RDFN)

Redfin (NASDAQ:RDFN)‘s stock had its “hold” rating restated by Needham & Company LLC in a research note issued on Wednesday, Benzinga reports.

A number of other analysts also recently issued reports on RDFN. Gordon Haskett downgraded shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price target on the stock. in a report on Thursday, February 29th. Stephens upgraded shares of Redfin from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $8.00 to $9.00 in a report on Wednesday. DA Davidson reiterated a “neutral” rating and set a $6.75 target price on shares of Redfin in a research note on Friday, March 22nd. Royal Bank of Canada cut their price objective on Redfin from $10.00 to $9.00 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. Finally, Citigroup reduced their price objective on Redfin from $10.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.14.

Redfin Stock Down 1.4 %

Shares of Redfin stock opened at $6.37 on Wednesday. The company has a 50-day simple moving average of $6.14 and a two-hundred day simple moving average of $7.16. Redfin has a 52-week low of $4.26 and a 52-week high of $17.68. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $761.02 million, a PE ratio of -5.44 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.58) by $0.01. The business had revenue of $225.50 million for the quarter, compared to analysts’ expectations of $217.79 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.93) EPS. On average, analysts anticipate that Redfin will post -1.31 EPS for the current fiscal year.

Insider Activity at Redfin

In other news, insider Christian John Taubman sold 7,916 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the completion of the sale, the insider now directly owns 52,117 shares of the company’s stock, valued at $359,607.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $6.90, for a total value of $54,620.40. Following the transaction, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anna Stevens sold 10,851 shares of Redfin stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total value of $73,569.78. Following the sale, the insider now directly owns 15,477 shares in the company, valued at approximately $104,934.06. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Redfin

Hedge funds have recently made changes to their positions in the company. Raymond James & Associates raised its stake in Redfin by 152.1% during the third quarter. Raymond James & Associates now owns 109,264 shares of the company’s stock valued at $769,000 after purchasing an additional 65,915 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Redfin by 17.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 544,842 shares of the company’s stock valued at $3,836,000 after buying an additional 82,724 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Redfin by 36.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,326 shares of the company’s stock valued at $136,000 after acquiring an additional 5,157 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Redfin by 41.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,442 shares of the company’s stock worth $74,000 after acquiring an additional 3,041 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Redfin by 4.4% during the third quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock worth $430,000 after acquiring an additional 2,580 shares during the last quarter. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Company Profile

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.