Redfin (NASDAQ:RDFN) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Redfin (NASDAQ:RDFN) from a hold rating to a buy rating in a report issued on Tuesday morning, Zacks.com reports. The brokerage currently has $18.00 price target on the stock.

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. “

Other equities research analysts have also recently issued research reports about the company. Craig Hallum raised Redfin from a hold rating to a buy rating and set a $24.00 target price for the company in a research note on Wednesday, August 21st. Stifel Nicolaus raised their target price on Redfin from $18.00 to $20.00 and gave the stock a hold rating in a research note on Friday, August 2nd. Wedbush set a $30.00 target price on Redfin and gave the stock a buy rating in a research note on Friday, July 12th. Cowen set a $24.00 target price on Redfin and gave the stock a buy rating in a research note on Friday, June 21st. Finally, SunTrust Banks assumed coverage on Redfin in a research note on Tuesday, July 9th. They set a buy rating and a $23.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $22.71.

Shares of RDFN stock opened at $16.45 on Tuesday. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -33.56 and a beta of 1.37. The stock has a 50-day moving average of $16.77 and a 200-day moving average of $18.30. The company has a current ratio of 3.91, a quick ratio of 3.19 and a debt-to-equity ratio of 0.54. Redfin has a 1-year low of $13.50 and a 1-year high of $23.47.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, August 1st. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. Redfin had a negative return on equity of 25.83% and a negative net margin of 15.47%. The business had revenue of $197.80 million during the quarter, compared to analysts’ expectations of $190.35 million. During the same quarter last year, the firm posted $0.04 earnings per share. The firm’s revenue was up 38.7% on a year-over-year basis. Sell-side analysts forecast that Redfin will post -0.96 earnings per share for the current year.

In other Redfin news, insider Adam Wiener sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the insider now owns 245,503 shares of the company’s stock, valued at $4,910,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Christopher John Nielsen sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $17.35, for a total value of $52,050.00. Following the completion of the sale, the chief financial officer now directly owns 8,542 shares of the company’s stock, valued at approximately $148,203.70. The disclosure for this sale can be found here. Insiders sold 160,250 shares of company stock valued at $2,843,524 in the last three months. Insiders own 8.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RDFN. Raymond James & Associates grew its stake in Redfin by 12.4% in the first quarter. Raymond James & Associates now owns 108,867 shares of the company’s stock valued at $2,207,000 after acquiring an additional 12,023 shares during the period. Jackson Square Partners LLC grew its stake in Redfin by 6.9% in the first quarter. Jackson Square Partners LLC now owns 6,490,949 shares of the company’s stock valued at $131,571,000 after acquiring an additional 417,458 shares during the period. BSW Wealth Partners acquired a new stake in Redfin in the first quarter valued at approximately $1,518,000. Clearbridge Investments LLC grew its stake in Redfin by 13.8% in the first quarter. Clearbridge Investments LLC now owns 677,509 shares of the company’s stock valued at $13,733,000 after acquiring an additional 82,008 shares during the period. Finally, First Trust Advisors LP acquired a new stake in Redfin in the first quarter valued at approximately $521,000. 88.51% of the stock is owned by hedge funds and other 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.

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