Redfin (NASDAQ:RDFN) Shares Up 9.1% After Analyst Upgrade

Redfin Co. (NASDAQ:RDFNGet Free Report)’s stock price was up 9.1% on Thursday after DA Davidson raised their price target on the stock from $6.75 to $7.25. DA Davidson currently has a neutral rating on the stock. Redfin traded as high as $6.89 and last traded at $6.82. Approximately 2,417,125 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 5,171,048 shares. The stock had previously closed at $6.25.

RDFN has been the topic of several other reports. Gordon Haskett lowered shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price target on the stock. in a report on Thursday, February 29th. Royal Bank of Canada decreased their price target on Redfin from $10.00 to $9.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. Citigroup dropped their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Wednesday. Finally, Stephens raised shares of Redfin from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $8.00 to $9.00 in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.08.

Check Out Our Latest Analysis on Redfin

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 7,916 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $6.90, for a total value of $54,620.40. Following the sale, the insider now directly owns 52,117 shares of the company’s stock, valued at $359,607.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Christian John Taubman sold 7,916 shares of Redfin stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the sale, the insider now owns 52,117 shares in the company, valued at $359,607.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Anna Stevens sold 10,851 shares of the business’s 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 sale, 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 currently owned by insiders.

Hedge Funds Weigh In On Redfin

Hedge funds and other institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new position in Redfin in the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC lifted its position in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after buying an additional 3,101 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Redfin by 101.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,864 shares of the company’s stock valued at $91,000 after purchasing an additional 4,474 shares during the period. New York State Teachers Retirement System acquired a new stake in Redfin during the first quarter worth about $66,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Redfin during the first quarter worth about $72,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Redfin Stock Performance

The firm’s 50 day moving average price is $6.12 and its two-hundred day moving average price is $7.17. The firm has a market cap of $853.61 million, a PE ratio of -6.11 and a beta of 2.68. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.66 and a current ratio of 1.66.

Redfin (NASDAQ:RDFNGet Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The business had revenue of $225.50 million during the quarter, compared to analysts’ expectations of $217.79 million. During the same period in the previous year, the firm posted ($0.93) earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. On average, research analysts forecast that Redfin Co. will post -1.31 earnings per share for the current year.

About Redfin

(Get Free Report)

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.

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