Redfin (NASDAQ:RDFN) Hits New 1-Year Low at $6.96

Redfin Co. (NASDAQ:RDFNGet Rating)’s stock price hit a new 52-week low during trading on Tuesday . The company traded as low as $6.96 and last traded at $6.98, with a volume of 18220 shares trading hands. The stock had previously closed at $7.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RDFN shares. KeyCorp started coverage on Redfin in a report on Tuesday, July 12th. They set a “sector weight” rating on the stock. DA Davidson lowered their target price on Redfin from $13.50 to $9.50 in a report on Monday, September 12th. Stifel Nicolaus lowered their target price on Redfin from $10.00 to $9.00 in a report on Monday, August 8th. Compass Point increased their target price on Redfin to $9.00 in a report on Monday, August 22nd. Finally, Wedbush cut Redfin from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $14.00 to $9.00 in a report on Monday, July 11th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Redfin currently has a consensus rating of “Hold” and a consensus price target of $18.58.

Redfin Stock Down 2.0 %

The company has a current ratio of 2.00, a quick ratio of 1.42 and a debt-to-equity ratio of 6.84. The firm has a market capitalization of $744.00 million, a PE ratio of -3.33 and a beta of 1.90. The firm has a 50-day moving average of $9.22 and a two-hundred day moving average of $11.57.

Redfin (NASDAQ:RDFNGet Rating) last issued its earnings results on Thursday, August 4th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). The firm had revenue of $606.92 million during the quarter, compared to analysts’ expectations of $611.37 million. Redfin had a negative return on equity of 80.56% and a negative net margin of 9.00%. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. During the same period last year, the business posted ($0.29) earnings per share. On average, equities research analysts forecast that Redfin Co. will post -2.76 EPS for the current year.

Insider Buying and Selling

In related news, Director James Slavet acquired 100,000 shares of the business’s stock in a transaction on Friday, September 9th. The shares were bought at an average cost of $8.40 per share, with a total value of $840,000.00. Following the completion of the transaction, the director now directly owns 202,546 shares of the company’s stock, valued at approximately $1,701,386.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Redfin by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 185,445 shares of the company’s stock valued at $7,120,000 after purchasing an additional 498 shares during the period. Silvercrest Asset Management Group LLC raised its position in Redfin by 0.7% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 120,815 shares of the company’s stock valued at $4,638,000 after purchasing an additional 800 shares during the period. Brown Brothers Harriman & Co. raised its position in Redfin by 2.5% in the first quarter. Brown Brothers Harriman & Co. now owns 41,236 shares of the company’s stock valued at $744,000 after purchasing an additional 1,000 shares during the period. Principal Financial Group Inc. raised its position in Redfin by 6.7% in the first quarter. Principal Financial Group Inc. now owns 18,738 shares of the company’s stock valued at $338,000 after purchasing an additional 1,181 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in shares of Redfin by 6.8% during the first quarter. Teacher Retirement System of Texas now owns 19,893 shares of the company’s stock valued at $359,000 after acquiring an additional 1,259 shares in the last quarter. 90.79% of the stock is owned by hedge funds and other institutional investors.

About Redfin

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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; originates and sells mortgages; and buys and sells homes.

Further Reading

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