Redfin (RDFN) Upgraded to “Overweight” by Piper Jaffray Companies

Piper Jaffray Companies upgraded shares of Redfin (NASDAQ:RDFN) from a neutral rating to an overweight rating in a report published on Monday, Benzinga reports. They currently have $26.00 target price on the stock, up from their previous target price of $17.00.

Several other brokerages have also weighed in on RDFN. BidaskClub raised shares of Redfin from a buy rating to a strong-buy rating in a report on Wednesday, March 27th. Compass Point raised their price objective on shares of Redfin from $20.50 to $22.75 and gave the stock a buy rating in a report on Friday, February 15th. Bank of America reissued a neutral rating and set a $15.00 price objective on shares of Redfin in a report on Friday, February 15th. Royal Bank of Canada raised their price objective on shares of Redfin to $26.00 and gave the stock an outperform rating in a report on Friday, February 15th. Finally, Zacks Investment Research raised shares of Redfin from a hold rating to a buy rating and set a $22.00 price objective for the company in a report on Wednesday, February 20th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $20.66.

Redfin stock opened at $21.65 on Monday. Redfin has a 12-month low of $13.50 and a 12-month high of $26.01. The firm has a market cap of $1.83 billion, a P/E ratio of -44.18 and a beta of 0.92. The company has a current ratio of 10.74, a quick ratio of 10.25 and a debt-to-equity ratio of 0.31.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Thursday, February 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. Redfin had a negative net margin of 8.62% and a negative return on equity of 14.24%. The firm had revenue of $124.10 million for the quarter, compared to the consensus estimate of $117.15 million. During the same quarter in the previous year, the firm posted ($0.02) EPS. The firm’s quarterly revenue was up 29.5% on a year-over-year basis. On average, equities analysts expect that Redfin will post -0.87 EPS for the current fiscal year.

In other news, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction dated Tuesday, January 15th. The shares were sold at an average price of $17.06, for a total value of $51,180.00. Following the completion of the transaction, the chief financial officer now directly owns 3,000 shares of the company’s stock, valued at approximately $51,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Glenn Kelman purchased 25,532 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The stock was acquired at an average cost of $19.56 per share, with a total value of $499,405.92. Following the completion of the acquisition, the chief executive officer now directly owns 2,014,973 shares in the company, valued at approximately $39,412,871.88. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 63,850 shares of company stock valued at $1,203,188. 8.80% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Captrust Financial Advisors boosted its holdings in shares of Redfin by 167.7% in the 4th quarter. Captrust Financial Advisors now owns 2,136 shares of the company’s stock valued at $31,000 after buying an additional 1,338 shares during the period. Great Point Wealth Advisors LLC acquired a new position in shares of Redfin in the 4th quarter valued at about $144,000. Amalgamated Bank acquired a new position in shares of Redfin in the 4th quarter valued at about $165,000. United Services Automobile Association acquired a new position in shares of Redfin in the 3rd quarter valued at about $195,000. Finally, Jane Street Group LLC acquired a new position in shares of Redfin in the 4th quarter valued at about $195,000. 94.81% of the stock is owned by institutional investors and hedge funds.

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, 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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