Redfin (NASDAQ:RDFN) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Redfin (NASDAQ:RDFN) from a hold rating to a sell rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Redfin Corporation is engaged in providing residential real estate search and brokerage services. The Company provides an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services and originate mortgages. Redfin Corporation is headquartered in Seattle, Washington. “

A number of other analysts have also recently weighed in on RDFN. Susquehanna Bancshares started coverage on shares of Redfin in a research note on Friday, August 13th. They set a neutral rating and a $60.00 target price on the stock. Susquehanna started coverage on shares of Redfin in a research note on Friday, August 13th. They set a neutral rating and a $60.00 target price on the stock. Royal Bank of Canada decreased their target price on shares of Redfin from $68.00 to $66.00 and set an outperform rating on the stock in a research note on Friday, August 6th. DA Davidson decreased their target price on shares of Redfin from $63.00 to $62.00 and set a neutral rating on the stock in a research note on Monday, August 9th. Finally, Wedbush decreased their target price on shares of Redfin from $85.00 to $78.00 and set an outperform rating on the stock in a research note on Wednesday, August 11th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Redfin presently has a consensus rating of Hold and a consensus target price of $66.80.

Shares of NASDAQ:RDFN opened at $50.95 on Wednesday. The company’s 50 day simple moving average is $50.66 and its 200 day simple moving average is $57.25. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of -203.80 and a beta of 1.84. The company has a debt-to-equity ratio of 3.72, a current ratio of 3.47 and a quick ratio of 2.76. Redfin has a 1 year low of $37.31 and a 1 year high of $98.44.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.04. The firm had revenue of $471.32 million for the quarter, compared to analysts’ expectations of $454.91 million. Redfin had a negative net margin of 1.27% and a negative return on equity of 3.73%. As a group, analysts anticipate that Redfin will post -0.89 EPS for the current fiscal year.

In other Redfin news, CTO Bridget Frey sold 14,000 shares of Redfin stock in a transaction on Tuesday, August 10th. The shares were sold at an average price of $55.02, for a total value of $770,280.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Christopher John Nielsen sold 4,500 shares of Redfin stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $58.63, for a total transaction of $263,835.00. Following the completion of the sale, the chief financial officer now directly owns 28,477 shares of the company’s stock, valued at $1,669,606.51. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,333 shares of company stock worth $6,038,699. 6.10% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace North America L.P. bought a new stake in Redfin in the second quarter valued at $322,000. Metropolitan Life Insurance Co NY increased its stake in Redfin by 102,107.4% in the second quarter. Metropolitan Life Insurance Co NY now owns 27,596 shares of the company’s stock valued at $1,750,000 after purchasing an additional 27,569 shares in the last quarter. Millennium Management LLC increased its position in shares of Redfin by 64.4% during the second quarter. Millennium Management LLC now owns 219,501 shares of the company’s stock worth $13,919,000 after acquiring an additional 85,967 shares in the last quarter. Bel Air Investment Advisors LLC bought a new stake in shares of Redfin during the second quarter worth about $299,000. Finally, Squarepoint Ops LLC increased its position in shares of Redfin by 28.1% during the second quarter. Squarepoint Ops LLC now owns 28,910 shares of the company’s stock worth $1,833,000 after acquiring an additional 6,342 shares in the last quarter. 87.08% of the stock is owned by hedge funds and other 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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