Redfin (RDFN) Given a $23.00 Price Target at Cowen

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Cowen set a $23.00 target price on Redfin (NASDAQ:RDFN) in a report issued on Friday morning, The Fly reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently commented on RDFN. Zelman & Associates started coverage on Redfin in a research report on Monday, June 25th. They set a buy rating on the stock. BidaskClub raised Redfin from a hold rating to a buy rating in a research report on Thursday, June 28th. Zacks Investment Research cut Redfin from a hold rating to a sell rating in a research report on Thursday, July 12th. DA Davidson cut Redfin from a buy rating to a hold rating and set a $22.00 price target on the stock. in a research report on Friday, August 10th. Finally, William Blair reaffirmed an outperform rating on shares of Redfin in a research report on Friday, August 10th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $23.58.

Shares of NASDAQ RDFN traded down $1.06 during trading on Friday, reaching $15.42. 1,220,395 shares of the stock traded hands, compared to its average volume of 881,163. Redfin has a 52-week low of $15.23 and a 52-week high of $31.50. The stock has a market capitalization of $1.46 billion, a PE ratio of -77.10 and a beta of -2.81.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The firm had revenue of $142.60 million for the quarter, compared to analysts’ expectations of $140.12 million. During the same quarter in the prior year, the firm earned $0.06 EPS. The business’s revenue for the quarter was up 35.9% compared to the same quarter last year. As a group, research analysts forecast that Redfin will post -0.41 earnings per share for the current fiscal year.

In related news, insider Bridget Frey sold 5,000 shares of the stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $25.03, for a total transaction of $125,150.00. Following the sale, the insider now owns 14,583 shares of the company’s stock, valued at approximately $365,012.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Wiener sold 10,000 shares of the stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $16.05, for a total value of $160,500.00. Following the sale, the insider now directly owns 208,449 shares in the company, valued at approximately $3,345,606.45. The disclosure for this sale can be found here. Insiders have sold a total of 66,610 shares of company stock worth $1,265,928 in the last three months. 8.80% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of RDFN. BlackRock Inc. lifted its holdings in Redfin by 272.5% during the 1st quarter. BlackRock Inc. now owns 2,844,483 shares of the company’s stock worth $64,941,000 after purchasing an additional 2,080,872 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Redfin by 258.3% in the 1st quarter. Allianz Asset Management GmbH now owns 2,159,884 shares of the company’s stock worth $49,310,000 after acquiring an additional 1,557,144 shares during the last quarter. Baillie Gifford & Co. increased its stake in Redfin by 36.9% in the 2nd quarter. Baillie Gifford & Co. now owns 3,284,072 shares of the company’s stock worth $75,829,000 after acquiring an additional 885,813 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in Redfin by 31.9% in the 3rd quarter. Nikko Asset Management Americas Inc. now owns 2,333,868 shares of the company’s stock worth $43,783,000 after acquiring an additional 564,802 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Redfin by 181.0% in the 2nd quarter. Janus Henderson Group PLC now owns 817,083 shares of the company’s stock worth $18,866,000 after acquiring an additional 526,356 shares during the last quarter. 76.69% of the stock is currently owned by institutional investors and hedge funds.

About Redfin

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, such as assisting individuals to 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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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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