Redfin (NASDAQ:RDFN) Upgraded to “Buy” at DA Davidson

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DA Davidson upgraded shares of Redfin (NASDAQ:RDFN) from a neutral rating to a buy rating in a research report released on Tuesday morning, BenzingaRatingsTable reports. They currently have $25.00 price objective on the stock, up from their prior price objective of $18.50.

Several other brokerages also recently commented on RDFN. Piper Jaffray Companies boosted their price objective on shares of Redfin from $26.00 to $28.00 and gave the company an overweight rating in a research report on Thursday, November 7th. Susquehanna Bancshares set a $23.00 price target on shares of Redfin and gave the stock a buy rating in a report on Tuesday, October 8th. Craig Hallum upgraded shares of Redfin from a hold rating to a buy rating and set a $24.00 price target for the company in a report on Wednesday, August 21st. Zacks Investment Research raised shares of Redfin from a hold rating to a buy rating and set a $22.00 price objective on the stock in a research note on Friday, December 6th. Finally, SunTrust Banks reissued a buy rating and issued a $24.00 price objective on shares of Redfin in a research note on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Redfin has a consensus rating of Buy and a consensus price target of $23.86.

RDFN traded up $0.05 during trading on Tuesday, hitting $21.30. 759 shares of the stock traded hands, compared to its average volume of 1,062,106. Redfin has a twelve month low of $13.56 and a twelve month high of $23.47. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -43.43 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 4.81 and a quick ratio of 3.68. The business has a 50 day moving average price of $19.56 and a 200 day moving average price of $17.93.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.04 by $0.03. Redfin had a negative net margin of 12.71% and a negative return on equity of 25.71%. The business had revenue of $238.68 million during the quarter, compared to the consensus estimate of $229.94 million. During the same period in the previous year, the business earned $0.14 earnings per share. The company’s revenue was up 70.2% on a year-over-year basis. On average, equities research analysts predict that Redfin will post -0.89 earnings per share for the current year.

In related news, insider Adam Wiener sold 5,000 shares of Redfin stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $17.18, for a total transaction of $85,900.00. Following the completion of the sale, the insider now owns 236,672 shares in the company, valued at approximately $4,066,024.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Glenn Kelman sold 30,000 shares of Redfin stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $20.89, for a total value of $626,700.00. Following the sale, the chief executive officer now owns 1,984,973 shares of the company’s stock, valued at approximately $41,466,085.97. The disclosure for this sale can be found here. Insiders have sold a total of 142,000 shares of company stock worth $2,853,370 in the last three months. Insiders own 8.20% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Metropolitan Life Insurance Co NY boosted its stake in Redfin by 18.0% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 28,823 shares of the company’s stock worth $485,000 after buying an additional 4,398 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC boosted its stake in Redfin by 95.6% in the 3rd quarter. Philadelphia Financial Management of San Francisco LLC now owns 1,005,249 shares of the company’s stock worth $16,928,000 after buying an additional 491,242 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Redfin by 824.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,191,900 shares of the company’s stock worth $20,072,000 after buying an additional 1,062,947 shares during the last quarter. California State Teachers Retirement System boosted its stake in Redfin by 1.2% in the 3rd quarter. California State Teachers Retirement System now owns 137,579 shares of the company’s stock worth $2,317,000 after buying an additional 1,643 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in Redfin by 45.6% in the 3rd quarter. Stifel Financial Corp now owns 17,451 shares of the company’s stock worth $295,000 after buying an additional 5,468 shares during the last quarter. Hedge funds and other institutional investors own 91.41% of the company’s stock.

About Redfin

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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