Redfin (NASDAQ:RDFN) Upgraded to Buy at BidaskClub

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BidaskClub upgraded shares of Redfin (NASDAQ:RDFN) from a hold rating to a buy rating in a report published on Friday morning, BidAskClub reports.

Several other brokerages also recently weighed in on RDFN. Stifel Nicolaus increased their price target on Redfin from $18.00 to $20.00 and gave the stock a hold rating in a report on Friday, August 2nd. DA Davidson set a $16.00 price target on Redfin and gave the stock a hold rating in a report on Tuesday, July 2nd. Susquehanna Bancshares raised Redfin from a neutral rating to a positive rating and set a $23.00 price target for the company in a report on Wednesday, July 17th. Stephens set a $24.00 price target on Redfin and gave the stock a buy rating in a report on Monday, September 9th. Finally, KeyCorp assumed coverage on Redfin in a report on Friday, July 19th. They set a sector weight rating and a $18.00 price target for the company. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Redfin currently has a consensus rating of Buy and an average price target of $23.00.

Shares of NASDAQ RDFN opened at $17.91 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.91 and a quick ratio of 3.19. The stock has a fifty day moving average price of $17.65 and a 200 day moving average price of $18.67. Redfin has a 1-year low of $13.50 and a 1-year high of $23.47. The company has a market cap of $1.66 billion, a PE ratio of -36.55 and a beta of 1.38.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. Redfin had a negative return on equity of 25.83% and a negative net margin of 15.47%. The firm had revenue of $197.80 million during the quarter, compared to the consensus estimate of $190.35 million. During the same period last year, the company earned $0.04 earnings per share. The company’s revenue for the quarter was up 38.7% on a year-over-year basis. Analysts anticipate that Redfin will post -0.93 earnings per share for the current fiscal year.

In other Redfin news, CTO Bridget Frey sold 5,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $18.00, for a total value of $90,000.00. Following the completion of the sale, the chief technology officer now owns 69,796 shares of the company’s stock, valued at $1,256,328. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Adam Wiener sold 10,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $19.41, for a total value of $194,100.00. Following the completion of the sale, the insider now directly owns 245,503 shares of the company’s stock, valued at approximately $4,765,213.23. The disclosure for this sale can be found here. In the last three months, insiders sold 160,250 shares of company stock valued at $2,848,724. 8.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in RDFN. BNP Paribas Arbitrage SA lifted its holdings in Redfin by 1,294.7% in the first quarter. BNP Paribas Arbitrage SA now owns 16,443 shares of the company’s stock valued at $333,000 after acquiring an additional 15,264 shares during the period. Bank of Montreal Can lifted its holdings in Redfin by 5,607.1% in the first quarter. Bank of Montreal Can now owns 63,862 shares of the company’s stock valued at $1,295,000 after acquiring an additional 62,743 shares during the period. California Public Employees Retirement System raised its stake in shares of Redfin by 11.6% during the 1st quarter. California Public Employees Retirement System now owns 169,826 shares of the company’s stock worth $3,442,000 after buying an additional 17,700 shares during the last quarter. Raymond James & Associates raised its stake in shares of Redfin by 12.4% during the 1st quarter. Raymond James & Associates now owns 108,867 shares of the company’s stock worth $2,207,000 after buying an additional 12,023 shares during the last quarter. Finally, LLBH Private Wealth Management LLC raised its stake in shares of Redfin by 51.4% during the 1st quarter. LLBH Private Wealth Management LLC now owns 17,750 shares of the company’s stock worth $360,000 after buying an additional 6,025 shares during the last quarter. 88.63% of the stock is owned by institutional investors.

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, including assisting individuals in 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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