Redfin (NASDAQ:RDFN) Given “Neutral” Rating at Wedbush

Redfin (NASDAQ:RDFN)‘s stock had its “neutral” rating reiterated by analysts at Wedbush in a note issued to investors on Wednesday, RTT News reports. They presently have a $8.00 price target on the stock. Wedbush’s target price suggests a potential upside of 28.00% from the stock’s current price.

RDFN has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research note on Wednesday. Gordon Haskett downgraded Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price target on the stock. in a research note on Thursday, February 29th. Citigroup decreased their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday. Royal Bank of Canada reduced their price target 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. Finally, Stephens raised Redfin from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $8.00 to $9.00 in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Redfin presently has an average rating of “Hold” and an average price target of $8.03.

Redfin Trading Down 1.9 %

RDFN stock traded down $0.12 during midday trading on Wednesday, hitting $6.25. The company had a trading volume of 7,250,551 shares, compared to its average volume of 5,203,667. The stock has a market cap of $746.69 million, a price-to-earnings ratio of -5.34 and a beta of 2.68. Redfin has a 52 week low of $4.26 and a 52 week high of $17.68. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 295.91. The stock’s 50 day moving average price is $6.14 and its 200 day moving average price is $7.16.

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

Insider Activity

In other Redfin news, insider Christian John Taubman sold 7,916 shares of the firm’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 of the company’s stock, valued at $359,607.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Anna Stevens sold 10,851 shares of Redfin stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the transaction, the insider now directly owns 15,477 shares of the company’s stock, valued at approximately $104,934.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christian John Taubman sold 7,916 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $6.90, for a total transaction 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 disclosure for this sale can be found here. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Redfin by 7.9% during the 4th quarter. Vanguard Group Inc. now owns 17,238,307 shares of the company’s stock valued at $177,899,000 after buying an additional 1,260,746 shares in the last quarter. Federated Hermes Inc. boosted its stake in Redfin by 2.4% during the fourth quarter. Federated Hermes Inc. now owns 1,497,912 shares of the company’s stock valued at $15,458,000 after buying an additional 35,735 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Redfin by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock valued at $9,140,000 after buying an additional 29,618 shares in the last quarter. Trexquant Investment LP increased its stake in Redfin by 208.8% in the 4th quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock worth $6,377,000 after acquiring an additional 417,811 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Redfin by 17.9% during the third quarter. Bank of New York Mellon Corp now owns 544,842 shares of the company’s stock valued at $3,836,000 after purchasing an additional 82,724 shares during the last quarter. 61.07% of the stock is currently owned by institutional investors.

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.