Redfin (NASDAQ:RDFN) Shares Down 5.7%

Redfin Corp (NASDAQ:RDFN)’s stock price dropped 5.7% on Thursday . The stock traded as low as $16.76 and last traded at $16.76, approximately 1,427,153 shares were traded during trading. An increase of 32% from the average daily volume of 1,079,934 shares. The stock had previously closed at $17.77.

RDFN has been the subject of several recent research reports. Stifel Nicolaus raised their target price on shares of Redfin from $18.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 2nd. BidaskClub upgraded shares of Redfin from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. TheStreet downgraded shares of Redfin from a “c-” rating to a “d+” rating in a report on Tuesday, May 14th. Zacks Investment Research downgraded shares of Redfin from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. Finally, ValuEngine upgraded shares of Redfin from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Redfin has an average rating of “Hold” and a consensus price target of $22.67.

The firm has a market capitalization of $1.68 billion, a PE ratio of -34.20 and a beta of 1.36. The company has a quick ratio of 3.19, a current ratio of 3.91 and a debt-to-equity ratio of 0.54. The business’s fifty day moving average price is $18.00 and its 200 day moving average price is $18.90.

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

In other news, insider Adam Wiener sold 5,000 shares of Redfin stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $18.03, for a total transaction of $90,150.00. Following the completion of the sale, the insider now directly owns 255,503 shares in the company, valued at $4,606,719.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $17.35, for a total transaction of $52,050.00. Following the sale, the chief financial officer now owns 8,542 shares of the company’s stock, valued at $148,203.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,000 shares of company stock valued at $727,640. Insiders own 8.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP purchased a new position in Redfin during the 4th quarter valued at about $350,000. Bank of America Corp DE grew its holdings in shares of Redfin by 6.9% during the 4th quarter. Bank of America Corp DE now owns 168,181 shares of the company’s stock worth $2,422,000 after acquiring an additional 10,889 shares during the period. Jane Street Group LLC purchased a new position in shares of Redfin during the 4th quarter worth approximately $195,000. Legal & General Group Plc grew its holdings in shares of Redfin by 4.4% during the 4th quarter. Legal & General Group Plc now owns 31,859 shares of the company’s stock worth $459,000 after acquiring an additional 1,333 shares during the period. Finally, Amalgamated Bank purchased a new position in shares of Redfin during the 4th quarter worth approximately $165,000. Hedge funds and other institutional investors own 92.70% of the company’s stock.

Redfin Company Profile (NASDAQ:RDFN)

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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