Redfin (NASDAQ:RDFN) Upgraded at Stephens

Stephens upgraded shares of Redfin (NASDAQ:RDFN) from an equal weight rating to an overweight rating in a report published on Wednesday, MarketBeat reports. They currently have $9.00 target price on the stock, up from their previous target price of $8.00.

Several other equities research analysts also recently weighed in on the stock. Royal Bank of Canada dropped their target price on shares of Redfin from $10.00 to $9.00 and set a sector perform rating for the company in a research report on Wednesday, February 28th. DA Davidson reissued a neutral rating and issued a $6.75 target price on shares of Redfin in a research report on Friday, March 22nd. Citigroup dropped their target price on shares of Redfin from $10.50 to $8.00 and set a neutral rating for the company in a research report on Thursday, February 29th. Wedbush reaffirmed a neutral rating and issued a $8.00 price target on shares of Redfin in a report on Wednesday, February 28th. Finally, Gordon Haskett cut shares of Redfin from a hold rating to an underperform rating and set a $5.50 target price on the stock. in a report on Thursday, February 29th. Two 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. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $8.03.

Redfin Stock Performance

Redfin stock opened at $6.25 on Wednesday. Redfin has a 12-month low of $4.26 and a 12-month high of $17.68. The company has a market capitalization of $746.69 million, a price-to-earnings ratio of -5.34 and a beta of 2.68. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.66 and a quick ratio of 1.66. The firm’s fifty day moving average price is $6.12 and its 200 day moving average price is $7.15.

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

Insider Buying and Selling at Redfin

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

Hedge Funds Weigh In On Redfin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDFN. Raymond James & Associates boosted its stake in shares of Redfin by 152.1% during the 3rd quarter. Raymond James & Associates now owns 109,264 shares of the company’s stock valued at $769,000 after buying an additional 65,915 shares during the period. Bank of New York Mellon Corp boosted its stake 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Redfin by 36.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,326 shares of the company’s stock valued at $136,000 after buying an additional 5,157 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Redfin by 41.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,442 shares of the company’s stock valued at $74,000 after buying an additional 3,041 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Redfin by 4.4% during the 3rd quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock valued at $430,000 after buying an additional 2,580 shares during the period. Institutional investors and hedge funds own 61.07% of the company’s stock.

About Redfin

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.