Redfin (RDFN) Cut to Market Perform at William Blair

William Blair lowered shares of Redfin (NASDAQ:RDFN) from an outperform rating to a market perform rating in a research report report published on Friday, MarketBeat Ratings reports.

A number of other equities analysts have also issued reports on RDFN. Zacks Investment Research lowered shares of Redfin from a hold rating to a sell rating in a research report on Tuesday, October 23rd. Stifel Nicolaus reduced their target price on shares of Redfin from $25.00 to $20.00 and set a hold rating on the stock in a research report on Friday, August 10th. BidaskClub lowered shares of Redfin from a buy rating to a hold rating in a research report on Tuesday, August 7th. DA Davidson lowered shares of Redfin from a buy rating to a hold rating and set a $22.00 target price on the stock. in a research report on Friday, August 10th. Finally, Cowen set a $23.00 target price on shares of Redfin and gave the stock a buy rating in a research report on Friday, October 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $23.42.

Shares of RDFN stock traded up $0.21 during trading hours on Friday, reaching $15.06. 3,650,558 shares of the company were exchanged, compared to its average volume of 1,071,200. Redfin has a fifty-two week low of $13.50 and a fifty-two week high of $31.50. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -75.30 and a beta of -0.63.

Redfin (NASDAQ:RDFN) last announced its earnings results on Thursday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.02. Redfin had a negative net margin of 15.12% and a negative return on equity of 10.83%. The company had revenue of $140.30 million for the quarter, compared to analyst estimates of $139.45 million. During the same period in the prior year, the business earned $0.12 earnings per share. Redfin’s quarterly revenue was up 28.1% on a year-over-year basis. Equities research analysts anticipate that Redfin will post -0.43 earnings per share for the current year.

In related news, CFO Christopher John Nielsen sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $17.80, for a total value of $178,000.00. Following the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at $178,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bridget Frey sold 5,000 shares of the stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $19.00, for a total transaction of $95,000.00. Following the completion of the transaction, the insider now owns 42,758 shares in the company, valued at $812,402. The disclosure for this sale can be found here. Insiders sold 57,290 shares of company stock worth $1,005,361 over the last 90 days. 8.80% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Great West Life Assurance Co. Can acquired a new stake in Redfin in the second quarter worth $106,000. Public Employees Retirement Association of Colorado acquired a new stake in Redfin in the third quarter worth $139,000. Caption Management LLC acquired a new stake in Redfin in the second quarter worth $191,000. Perkins Coie Trust Co raised its holdings in Redfin by 52.4% in the second quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock worth $200,000 after purchasing an additional 2,972 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in Redfin in the second quarter worth $211,000. Institutional investors own 78.16% of the company’s stock.

Redfin Company Profile

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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