Redfin (RDFN) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Redfin (NASDAQ:RDFN) from a hold rating to a sell rating in a research note issued to investors on Wednesday.
According to Zacks, “Redfin Corporation is engaged in providing residential real estate search and brokerage services. The Company provides an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services and originate mortgages. Redfin Corporation is headquartered in Seattle, Washington. “
Several other research firms have also recently commented on RDFN. Stifel Nicolaus decreased their target price on shares of Redfin from $25.00 to $20.00 and set a hold rating for the company in a research report on Friday, August 10th. BidaskClub cut shares of Redfin from a hold rating to a sell rating in a research report on Saturday, October 6th. Zelman & Associates initiated coverage on shares of Redfin in a research report on Monday, June 25th. They issued a buy rating for the company. DA Davidson cut shares of Redfin from a buy rating to a hold rating and set a $22.00 target price for the company. in a research report on Friday, August 10th. Finally, William Blair restated an outperform rating on shares of Redfin in a research report on Friday, August 10th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $23.58.
Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, August 9th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Redfin had a negative net margin of 15.12% and a negative return on equity of 10.83%. The firm had revenue of $142.60 million during the quarter, compared to analysts’ expectations of $140.12 million. During the same quarter in the prior year, the firm earned $0.06 EPS. Redfin’s quarterly revenue was up 35.9% on a year-over-year basis. On average, sell-side analysts forecast that Redfin will post -0.41 earnings per share for the current year.
In other news, insider Adam Wiener sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $22.39, for a total value of $223,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bridget Frey sold 5,000 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $19.53, for a total transaction of $97,650.00. Following the completion of the transaction, the insider now owns 42,758 shares of the company’s stock, valued at $835,063.74. The disclosure for this sale can be found here. Insiders sold 66,610 shares of company stock valued at $1,265,928 over the last quarter. Insiders own 8.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its holdings in Redfin by 166.7% during the third quarter. Handelsbanken Fonder AB now owns 800,000 shares of the company’s stock worth $14,960,000 after buying an additional 500,000 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in Redfin during the third quarter worth approximately $655,000. Nikko Asset Management Americas Inc. boosted its holdings in Redfin by 31.9% during the third quarter. Nikko Asset Management Americas Inc. now owns 2,333,868 shares of the company’s stock worth $43,783,000 after buying an additional 564,802 shares in the last quarter. Northern Trust Corp boosted its holdings in Redfin by 46.3% during the second quarter. Northern Trust Corp now owns 738,469 shares of the company’s stock worth $17,050,000 after buying an additional 233,534 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Redfin by 30.3% during the second quarter. Bank of New York Mellon Corp now owns 234,436 shares of the company’s stock worth $5,413,000 after buying an additional 54,462 shares in the last quarter. Institutional investors and hedge funds own 76.69% of the company’s stock.
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, such as assisting individuals to 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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