Equities Analysts Issue Forecasts for Redfin Corp’s FY2021 Earnings (NASDAQ:RDFN)
Redfin Corp (NASDAQ:RDFN) – Stock analysts at SunTrust Banks lifted their FY2021 EPS estimates for Redfin in a note issued to investors on Thursday, June 25th. SunTrust Banks analyst N. Khan now forecasts that the company will earn ($0.80) per share for the year, up from their prior estimate of ($1.02). SunTrust Banks has a “Buy” rating and a $48.00 price objective on the stock. SunTrust Banks also issued estimates for Redfin’s FY2022 earnings at ($0.39) EPS, FY2023 earnings at $0.16 EPS and FY2024 earnings at $0.85 EPS.
Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.11. Redfin had a negative return on equity of 23.57% and a negative net margin of 8.57%. The business had revenue of $191.00 million during the quarter, compared to analysts’ expectations of $178.77 million. During the same period in the previous year, the firm earned ($0.74) earnings per share. The firm’s quarterly revenue was up 73.5% compared to the same quarter last year.
Shares of Redfin stock opened at $38.80 on Monday. The business has a fifty day simple moving average of $31.65 and a 200 day simple moving average of $24.31. The company has a quick ratio of 2.84, a current ratio of 3.36 and a debt-to-equity ratio of 0.64. The stock has a market cap of $3.85 billion, a PE ratio of -49.11 and a beta of 1.99. Redfin has a 12 month low of $9.63 and a 12 month high of $41.31.
In related news, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $30.05, for a total value of $90,150.00. Following the sale, the chief financial officer now owns 19,086 shares of the company’s stock, valued at $573,534.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Adam Wiener sold 5,000 shares of Redfin stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $19.00, for a total value of $95,000.00. Following the completion of the sale, the insider now directly owns 275,459 shares in the company, valued at approximately $5,233,721. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 92,549 shares of company stock worth $2,396,724. Corporate insiders own 7.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. AlphaCrest Capital Management LLC acquired a new position in Redfin during the fourth quarter worth approximately $333,000. Renaissance Technologies LLC acquired a new position in Redfin during the fourth quarter worth approximately $3,091,000. Advisory Research Inc. acquired a new position in Redfin during the fourth quarter worth approximately $368,000. Cubist Systematic Strategies LLC increased its position in Redfin by 239.0% during the fourth quarter. Cubist Systematic Strategies LLC now owns 89,465 shares of the company’s stock worth $1,891,000 after buying an additional 63,073 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Redfin by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 1,148,879 shares of the company’s stock worth $24,287,000 after buying an additional 41,955 shares during the last quarter. 88.62% of the stock is currently owned by institutional investors and hedge funds.
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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