Brokerages Set Redfin Corp (NASDAQ:RDFN) Target Price at $22.50

Shares of Redfin Corp (NASDAQ:RDFN) have received an average recommendation of “Buy” from the twenty-two analysts that are covering the firm, MarketBeat.com reports. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $22.79.

Several equities research analysts recently weighed in on RDFN shares. DA Davidson set a $16.00 target price on shares of Redfin and gave the stock a “hold” rating in a research note on Tuesday, July 2nd. Stifel Nicolaus upped their target price on shares of Redfin from $18.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Zacks Investment Research downgraded shares of Redfin from a “buy” rating to a “hold” rating in a research note on Tuesday, May 14th. BidaskClub raised shares of Redfin from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Finally, Susquehanna Bancshares raised shares of Redfin from a “neutral” rating to a “positive” rating and set a $23.00 target price on the stock in a research note on Wednesday, July 17th.

In other Redfin news, CFO Christopher John Nielsen sold 3,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $17.35, for a total value of $52,050.00. Following the sale, the chief financial officer now directly owns 8,542 shares of the company’s stock, valued at approximately $148,203.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert J. Mylod, Jr. sold 112,282 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $17.50, for a total transaction of $1,964,935.00. Following the completion of the sale, the director now directly owns 4,516 shares in the company, valued at $79,030. The disclosure for this sale can be found here. Over the last three months, insiders sold 150,282 shares of company stock worth $2,675,385. Insiders own 8.20% of the company’s stock.

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP purchased a new stake in Redfin in the fourth quarter worth $350,000. Bank of America Corp DE increased its position in Redfin by 6.9% in the fourth quarter. Bank of America Corp DE now owns 168,181 shares of the company’s stock worth $2,422,000 after buying an additional 10,889 shares during the last quarter. Jane Street Group LLC purchased a new stake in Redfin in the fourth quarter worth $195,000. Legal & General Group Plc increased its position in Redfin by 4.4% in the fourth quarter. Legal & General Group Plc now owns 31,859 shares of the company’s stock worth $459,000 after buying an additional 1,333 shares during the last quarter. Finally, Norges Bank purchased a new stake in Redfin in the fourth quarter worth $6,554,000. 93.14% of the stock is currently owned by institutional investors.

RDFN traded down $1.18 during trading hours on Friday, hitting $16.86. 765,998 shares of the company’s stock were exchanged, compared to its average volume of 1,240,872. Redfin has a 12-month low of $13.50 and a 12-month high of $23.47. The firm has a 50 day moving average of $17.93 and a 200 day moving average of $18.87. The firm has a market cap of $1.66 billion, a P/E ratio of -34.41 and a beta of 1.36. The company has a current ratio of 3.91, a quick ratio of 3.19 and a debt-to-equity ratio of 0.54.

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

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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