Research Analysts Issue Forecasts for Redfin FY2024 Earnings

Redfin Co. (NASDAQ:RDFN) – Investment analysts at B. Riley reduced their FY2024 earnings per share (EPS) estimates for Redfin in a research note issued on Monday, November 11th. B. Riley analyst N. Khan now anticipates that the company will post earnings of ($1.31) per share for the year, down from their prior forecast of ($1.15). B. Riley currently has a “Buy” rating and a $15.00 target price on the stock. The consensus estimate for Redfin’s current full-year earnings is ($1.21) per share. B. Riley also issued estimates for Redfin’s Q4 2024 earnings at ($0.24) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.25) EPS, Q3 2025 earnings at ($0.18) EPS, Q4 2025 earnings at ($0.22) EPS, FY2025 earnings at ($0.96) EPS, FY2026 earnings at ($0.69) EPS and FY2027 earnings at ($0.24) EPS.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the previous year, the firm posted ($0.17) EPS.

Other equities research analysts have also recently issued reports about the company. Wedbush lifted their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group upped their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Susquehanna boosted their price target on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Redfin has an average rating of “Hold” and an average price target of $9.23.

Redfin Stock Performance

RDFN opened at $8.37 on Thursday. The company has a fifty day moving average price of $11.12 and a two-hundred day moving average price of $8.62. The firm has a market capitalization of $1.04 billion, a PE ratio of -6.54 and a beta of 2.70. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29.

Hedge Funds Weigh In On Redfin

A number of institutional investors have recently added to or reduced their stakes in RDFN. Allspring Global Investments Holdings LLC lifted 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 valued at $31,000 after buying an additional 3,101 shares during the last quarter. Swiss National Bank lifted its holdings in Redfin by 1.3% during the 1st quarter. Swiss National Bank now owns 227,500 shares of the company’s stock valued at $1,513,000 after purchasing an additional 2,900 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Redfin during the first quarter worth $298,000. ProShare Advisors LLC increased its holdings in shares of Redfin by 9.8% in the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock valued at $132,000 after purchasing an additional 1,766 shares during the last quarter. Finally, Entropy Technologies LP raised its position in shares of Redfin by 41.4% in the first quarter. Entropy Technologies LP now owns 80,912 shares of the company’s stock valued at $538,000 after purchasing an additional 23,689 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the completion of the transaction, the insider now directly owns 71,720 shares in the company, valued at $663,410. This represents a 4.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is owned by insiders.

About Redfin

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.