Needham & Company LLC Reiterates “Hold” Rating for Redfin (NASDAQ:RDFN)

Redfin (NASDAQ:RDFN)‘s stock had its “hold” rating reissued by investment analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports.

A number of other equities research analysts have also recently commented on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $6.75 target price on shares of Redfin in a report on Friday, March 22nd. Royal Bank of Canada decreased their price objective on Redfin from $10.00 to $9.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 28th. Citigroup dropped their target price on Redfin from $10.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 29th. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a research note on Wednesday, February 28th. Finally, Stephens upgraded shares of Redfin from an “equal weight” rating to an “overweight” rating and lifted 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 issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Redfin currently has an average rating of “Hold” and a consensus target price of $8.14.

Redfin Trading Down 1.4 %

NASDAQ:RDFN opened at $6.37 on Wednesday. The company has a market capitalization of $761.02 million, a PE ratio of -5.44 and a beta of 2.68. Redfin has a 52-week low of $4.26 and a 52-week high of $17.68. The stock’s 50 day moving average price is $6.14 and its 200 day moving average price is $7.16. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.01. The business had revenue of $225.50 million for 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 company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.93) earnings per share. On average, research analysts anticipate that Redfin will post -1.31 EPS for the current year.

Insider Transactions at Redfin

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

Institutional Trading of Redfin

Several institutional investors and hedge funds have recently modified their holdings of RDFN. Raymond James & Associates increased its stake in shares of Redfin by 152.1% during the 3rd quarter. Raymond James & Associates now owns 109,264 shares of the company’s stock worth $769,000 after purchasing an additional 65,915 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Redfin by 17.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 544,842 shares of the company’s stock valued at $3,836,000 after buying an additional 82,724 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Redfin by 36.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,326 shares of the company’s stock worth $136,000 after acquiring an additional 5,157 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Redfin by 41.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,442 shares of the company’s stock worth $74,000 after acquiring an additional 3,041 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Redfin by 4.4% in the third quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock valued at $430,000 after acquiring an additional 2,580 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.