Redfin (NASDAQ:RDFN) Trading 9.1% Higher After Analyst Upgrade

Redfin Co. (NASDAQ:RDFN) traded up 9.1% during mid-day trading on Thursday after DA Davidson raised their price target on the stock from $6.75 to $7.25. DA Davidson currently has a neutral rating on the stock. Redfin traded as high as $6.89 and last traded at $6.82. 2,417,125 shares were traded during trading, a decline of 53% from the average session volume of 5,171,048 shares. The stock had previously closed at $6.25.

Other research analysts have also issued reports about the stock. Gordon Haskett lowered shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 target price on the stock. in a research report on Thursday, February 29th. Wedbush restated a “neutral” rating and set a $8.00 target price on shares of Redfin in a research report on Wednesday. Royal Bank of Canada lowered their target price on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Stephens upgraded shares of Redfin from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $8.00 to $9.00 in a research report on Wednesday. Finally, Citigroup cut their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.08.

Insider Buying and Selling at Redfin

In other news, insider Anna Stevens sold 10,851 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the sale, the insider now owns 15,477 shares in the company, valued at $104,934.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Christian John Taubman sold 7,916 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the completion of the transaction, the insider now owns 52,117 shares of the company’s stock, valued at $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anna Stevens sold 10,851 shares of Redfin stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total transaction of $73,569.78. Following the completion of the transaction, the insider now owns 15,477 shares in the company, valued at approximately $104,934.06. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale acquired a new stake in Redfin during the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased its position in shares of Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in shares of Redfin in the first quarter worth $66,000. First Trust Direct Indexing L.P. acquired a new stake in shares of Redfin in the first quarter worth $72,000. Finally, Sherbrooke Park Advisers LLC acquired a new stake in shares of Redfin in the third quarter worth $82,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Redfin Stock Up 8.6 %

The firm’s 50-day moving average price is $6.12 and its 200-day moving average price is $7.15. The company has a market cap of $811.20 million, a price-to-earnings ratio of -5.76 and a beta of 2.68. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.66 and a quick ratio of 1.66.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The company had revenue of $225.50 million during the quarter, compared to analyst estimates of $217.79 million. During the same quarter in the prior year, the business earned ($0.93) earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts forecast that Redfin Co. will post -1.31 earnings per share for the current fiscal year.

Redfin Company Profile

Redfin Corporation operates as a residential real estate brokerage company in the United States and Canada. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in the purchase or sell of home. It also provides title and settlement services; and originates and sells mortgages.