Redfin (NASDAQ:RDFN) Earns Buy Rating from Analysts at SunTrust Banks

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Equities research analysts at SunTrust Banks initiated coverage on shares of Redfin (NASDAQ:RDFN) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $23.00 price target on the stock. SunTrust Banks’ target price points to a potential upside of 29.87% from the company’s current price.

Several other equities research analysts have also issued reports on RDFN. Zacks Investment Research lowered shares of Hess Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, May 14th. Compass Point lowered shares of Redfin from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $25.00 to $22.00 in a research note on Thursday, May 9th. Stephens raised shares of Redfin from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $18.00 to $23.00 in a research note on Monday, June 10th. Piper Jaffray Companies lowered their target price on shares of CELYAD SA/ADR from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, April 1st. Finally, BidaskClub raised shares of Acceleron Pharma from a “strong sell” rating to a “sell” rating in a research note on Friday, May 10th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $22.23.

RDFN traded down $0.23 during midday trading on Tuesday, hitting $17.71. 50,074 shares of the company were exchanged, compared to its average volume of 1,069,714. The business has a 50 day moving average of $17.47. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -36.79 and a beta of 1.36. The company has a quick ratio of 4.36, a current ratio of 4.73 and a debt-to-equity ratio of 0.50. Redfin has a 1-year low of $13.50 and a 1-year high of $26.01.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.74) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.01. The company had revenue of $110.10 million for the quarter, compared to the consensus estimate of $103.97 million. Redfin had a negative return on equity of 22.64% and a negative net margin of 14.06%. The firm’s revenue for the quarter was up 37.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.44) EPS. On average, research analysts anticipate that Redfin will post -0.96 EPS for the current fiscal year.

In other Redfin news, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $22.39, for a total transaction of $67,170.00. Following the transaction, the chief financial officer now directly owns 3,000 shares in the company, valued at $67,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Wiener sold 10,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $22.05, for a total transaction of $220,500.00. Following the transaction, the insider now owns 135,849 shares in the company, valued at $2,995,470.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,381 shares of company stock worth $664,159. 8.20% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hamilton Lane Advisors LLC purchased a new stake in shares of Redfin in the first quarter valued at about $1,994,000. Geode Capital Management LLC lifted its holdings in shares of Redfin by 7.8% in the fourth quarter. Geode Capital Management LLC now owns 803,800 shares of the company’s stock valued at $11,574,000 after purchasing an additional 58,302 shares in the last quarter. Peregrine Asset Advisers Inc. purchased a new stake in shares of Redfin in the first quarter valued at about $3,750,000. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Redfin by 376.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 25,249 shares of the company’s stock valued at $364,000 after purchasing an additional 19,945 shares in the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Redfin by 28.9% in the fourth quarter. Citigroup Inc. now owns 83,308 shares of the company’s stock valued at $1,200,000 after purchasing an additional 18,690 shares in the last quarter. 93.92% of the stock is currently owned by institutional investors.

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.

Further Reading: What can cause a stock to outperform?

Analyst Recommendations for Redfin (NASDAQ:RDFN)

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