$598.48 Million in Sales Expected for Redfin Co. (NASDAQ:RDFN) This Quarter

Equities research analysts expect Redfin Co. (NASDAQ:RDFN) to report $598.48 million in sales for the current quarter, Zacks reports. Eight analysts have issued estimates for Redfin’s earnings, with the lowest sales estimate coming in at $594.70 million and the highest estimate coming in at $605.64 million. Redfin reported sales of $244.52 million in the same quarter last year, which indicates a positive year-over-year growth rate of 144.8%. The company is scheduled to report its next quarterly earnings results on Wednesday, February 23rd.

On average, analysts expect that Redfin will report full-year sales of $1.88 billion for the current fiscal year, with estimates ranging from $1.87 billion to $1.92 billion. For the next fiscal year, analysts expect that the company will post sales of $2.57 billion, with estimates ranging from $2.30 billion to $2.91 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Redfin.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 4th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Redfin had a negative net margin of 4.50% and a negative return on equity of 17.39%. The business had revenue of $540.10 million during the quarter, compared to the consensus estimate of $535.11 million. During the same period in the previous year, the business posted $0.30 earnings per share. Redfin’s revenue was up 128.0% compared to the same quarter last year.

RDFN has been the topic of a number of recent research reports. Truist Securities reduced their price objective on shares of Redfin from $90.00 to $88.00 and set a “buy” rating on the stock in a research note on Monday, November 8th. Royal Bank of Canada reduced their price objective on shares of Redfin from $66.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, November 5th. Zacks Investment Research raised shares of Redfin from a “sell” rating to a “hold” rating in a research report on Thursday, October 28th. Susquehanna Bancshares started coverage on shares of Redfin in a research report on Friday, August 13th. They set a “neutral” rating and a $60.00 price target on the stock. Finally, Susquehanna started coverage on shares of Redfin in a research report on Friday, August 13th. They set a “neutral” rating and a $60.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Redfin currently has an average rating of “Hold” and a consensus target price of $70.23.

RDFN stock traded up $1.51 during midday trading on Monday, reaching $42.92. The company’s stock had a trading volume of 694,034 shares, compared to its average volume of 1,406,580. Redfin has a 52 week low of $40.11 and a 52 week high of $98.44. The stock has a market cap of $4.53 billion, a PE ratio of -57.23 and a beta of 1.72. The company has a quick ratio of 2.04, a current ratio of 3.11 and a debt-to-equity ratio of 3.82. The business’s 50-day simple moving average is $49.55 and its 200-day simple moving average is $53.69.

In related news, insider Adam Wiener sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 15th. The shares were sold at an average price of $46.86, for a total value of $70,290.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Slavet sold 2,000 shares of the company’s stock in a transaction dated Friday, September 17th. The shares were sold at an average price of $50.43, for a total transaction of $100,860.00. The disclosure for this sale can be found here. Insiders have sold a total of 93,750 shares of company stock worth $4,583,108 over the last 90 days. 6.10% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. lifted its holdings in shares of Redfin by 5.4% during the 2nd quarter. Baillie Gifford & Co. now owns 10,436,977 shares of the company’s stock worth $661,808,000 after acquiring an additional 536,058 shares during the period. Bares Capital Management Inc. lifted its holdings in shares of Redfin by 30.1% during the 3rd quarter. Bares Capital Management Inc. now owns 10,404,721 shares of the company’s stock worth $521,277,000 after acquiring an additional 2,409,821 shares during the period. Durable Capital Partners LP lifted its holdings in shares of Redfin by 6.7% during the 2nd quarter. Durable Capital Partners LP now owns 9,163,912 shares of the company’s stock worth $581,084,000 after acquiring an additional 576,272 shares during the period. BlackRock Inc. lifted its holdings in shares of Redfin by 4.0% during the 3rd quarter. BlackRock Inc. now owns 7,388,306 shares of the company’s stock worth $370,155,000 after acquiring an additional 282,111 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in shares of Redfin by 45.9% during the 3rd quarter. Janus Henderson Group PLC now owns 6,232,964 shares of the company’s stock worth $312,271,000 after acquiring an additional 1,960,917 shares during the period. 87.07% of the stock is owned by institutional investors.

Redfin Company Profile

Redfin Corp. provides real estate brokerage services. The firm engages in buying and selling homes. It operates through the following segments: Real Estate Services and Properties. The Real Estate Services segment consists of revenue transactions. The Properties segment consists of home purchase costs, capitalized improvements, selling expenses and home maintenance expenses.

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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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