Redfin (NASDAQ:RDFN) Shares Up 7.2%

Redfin Co. (NASDAQ:RDFN)’s stock price shot up 7.2% during mid-day trading on Monday . The company traded as high as $89.29 and last traded at $88.67. 1,349,046 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 1,328,710 shares. The stock had previously closed at $82.70.

RDFN has been the subject of a number of recent analyst reports. The Goldman Sachs Group upgraded Redfin from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $41.00 to $78.00 in a research report on Friday. Oppenheimer cut Redfin from an “outperform” rating to a “market perform” rating in a research report on Monday, December 21st. DA Davidson cut Redfin from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $54.00 to $70.00 in a research report on Wednesday, January 20th. Wolfe Research initiated coverage on Redfin in a research report on Friday, November 6th. They issued an “outperform” rating for the company. Finally, Zacks Investment Research cut Redfin from a “buy” rating to a “hold” rating in a research report on Tuesday, December 15th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company’s stock. Redfin currently has a consensus rating of “Hold” and an average price target of $53.93.

The stock has a market capitalization of $9.07 billion, a PE ratio of -177.34 and a beta of 1.96. The company has a 50-day moving average of $75.40 and a 200 day moving average of $54.26.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, November 5th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The company had revenue of $236.92 million during the quarter, compared to analysts’ expectations of $216.52 million. Redfin had a negative return on equity of 11.80% and a negative net margin of 4.61%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 EPS. As a group, analysts forecast that Redfin Co. will post -0.35 EPS for the current fiscal year.

In other Redfin news, CEO Glenn Kelman sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $40.95, for a total value of $2,457,000.00. Also, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 18th. The shares were sold at an average price of $44.00, for a total value of $132,000.00. Following the completion of the sale, the chief financial officer now owns 21,461 shares of the company’s stock, valued at $944,284. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,321 shares of company stock valued at $8,400,122. 8.20% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. New York State Common Retirement Fund lifted its stake in shares of Redfin by 2.7% in the 4th quarter. New York State Common Retirement Fund now owns 90,100 shares of the company’s stock valued at $6,184,000 after purchasing an additional 2,400 shares during the last quarter. Coe Capital Management LLC lifted its stake in shares of Redfin by 3.8% in the 4th quarter. Coe Capital Management LLC now owns 10,065 shares of the company’s stock valued at $691,000 after purchasing an additional 369 shares during the last quarter. Alta Wealth Advisors LLC acquired a new position in shares of Redfin in the 4th quarter valued at $405,000. Jennison Associates LLC acquired a new position in shares of Redfin in the 4th quarter valued at $626,000. Finally, BlackRock Inc. lifted its stake in shares of Redfin by 11.2% in the 4th quarter. BlackRock Inc. now owns 7,572,146 shares of the company’s stock valued at $519,677,000 after purchasing an additional 759,662 shares during the last quarter. 83.82% of the stock is currently owned by institutional investors and hedge funds.

Redfin Company Profile (NASDAQ:RDFN)

Redfin Corporation operates as a 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.

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