Redfin Corp (RDFN) Short Interest Update
Redfin Corp (NASDAQ:RDFN) was the recipient of a large decrease in short interest in February. As of February 28th, there was short interest totalling 19,608,970 shares, a decrease of 5.7% from the February 15th total of 20,789,365 shares. Approximately 28.2% of the shares of the company are sold short. Based on an average daily volume of 1,658,287 shares, the short-interest ratio is currently 11.8 days.
Several research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Redfin from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a report on Saturday, January 12th. BidaskClub downgraded shares of Redfin from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Jefferies Financial Group downgraded shares of Redfin from a “buy” rating to a “hold” rating in a report on Wednesday, January 9th. Compass Point assumed coverage on shares of Redfin in a report on Thursday, January 24th. They issued a “buy” rating and a $20.50 target price for the company. Finally, Royal Bank of Canada upped their target price on shares of Redfin to $26.00 and gave the stock an “outperform” rating in a report on Friday, February 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $20.13.
In related news, CEO Glenn Kelman acquired 25,532 shares of Redfin stock in a transaction dated Tuesday, February 19th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $499,405.92. Following the purchase, the chief executive officer now directly owns 2,014,973 shares of the company’s stock, valued at approximately $39,412,871.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction on Monday, December 24th. The stock was sold at an average price of $14.00, for a total value of $42,000.00. Following the completion of the sale, the chief financial officer now owns 3,000 shares of the company’s stock, valued at $42,000. The disclosure for this sale can be found here. Insiders sold a total of 51,850 shares of company stock valued at $947,438 over the last 90 days. 8.80% of the stock is currently owned by company insiders.
Shares of Redfin stock opened at $18.50 on Friday. Redfin has a fifty-two week low of $13.50 and a fifty-two week high of $26.01. The firm has a market capitalization of $1.73 billion, a P/E ratio of -37.76 and a beta of 0.92. The company has a quick ratio of 10.25, a current ratio of 10.74 and a debt-to-equity ratio of 0.31.
Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Thursday, February 14th. The company reported ($0.14) EPS for the quarter, beating the 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 business had revenue of $124.10 million during the quarter, compared to the consensus estimate of $117.15 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The business’s revenue was up 29.5% on a year-over-year basis. On average, sell-side analysts forecast that Redfin will post -0.87 EPS for the current year.
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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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