Zacks: Brokerages Expect Redfin Co. (NASDAQ:RDFN) Will Post Earnings of -$0.30 Per Share

Equities analysts predict that Redfin Co. (NASDAQ:RDFN) will announce ($0.30) earnings per share for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Redfin’s earnings, with the highest EPS estimate coming in at ($0.13) and the lowest estimate coming in at ($0.33). Redfin reported earnings of $0.11 per share in the same quarter last year, which indicates a negative year over year growth rate of 372.7%. The firm is expected to report its next earnings results on Wednesday, February 23rd.

According to Zacks, analysts expect that Redfin will report full-year earnings of ($1.01) per share for the current year, with EPS estimates ranging from ($1.18) to ($0.46). For the next year, analysts anticipate that the business will report earnings of ($1.04) per share, with EPS estimates ranging from ($2.89) to ($0.13). Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Redfin.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, November 4th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.01). The company had revenue of $540.10 million for the quarter, compared to analysts’ expectations of $535.11 million. Redfin had a negative net margin of 4.50% and a negative return on equity of 17.39%. The firm’s revenue for the quarter was up 128.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 earnings per share.

A number of analysts recently weighed in on the stock. Evercore ISI reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Redfin in a research note on Sunday, November 7th. Piper Sandler reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Redfin in a research note on Friday, November 19th. Susquehanna assumed coverage on shares of Redfin in a research note on Friday, August 13th. They issued a “neutral” rating and a $60.00 price objective for the company. Wedbush lowered their price objective on shares of Redfin from $85.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday, August 11th. Finally, Susquehanna Bancshares began coverage on shares of Redfin in a research note on Friday, August 13th. They issued a “neutral” rating and a $60.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $70.23.

In other Redfin news, CFO Christopher John Nielsen sold 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $51.20, for a total value of $230,400.00. Following the sale, the chief financial officer now owns 31,121 shares in the company, valued at approximately $1,593,395.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Adam Wiener sold 1,500 shares of the stock in a transaction that occurred on Friday, October 15th. The shares were sold at an average price of $53.66, for a total value of $80,490.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,750 shares of company stock worth $4,583,108. 6.10% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. increased its stake in shares of Redfin by 5.4% in the 2nd quarter. Baillie Gifford & Co. now owns 10,436,977 shares of the company’s stock worth $661,808,000 after acquiring an additional 536,058 shares during the last quarter. Bares Capital Management Inc. increased its stake in shares of Redfin by 30.1% in the 3rd quarter. Bares Capital Management Inc. now owns 10,404,721 shares of the company’s stock worth $521,277,000 after acquiring an additional 2,409,821 shares during the last quarter. Durable Capital Partners LP increased its stake in shares of Redfin by 6.7% in the 2nd quarter. Durable Capital Partners LP now owns 9,163,912 shares of the company’s stock worth $581,084,000 after acquiring an additional 576,272 shares during the last quarter. BlackRock Inc. increased its stake in shares of Redfin by 4.0% in the 3rd quarter. BlackRock Inc. now owns 7,388,306 shares of the company’s stock worth $370,155,000 after acquiring an additional 282,111 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Redfin by 45.9% in the 3rd quarter. Janus Henderson Group PLC now owns 6,232,964 shares of the company’s stock worth $312,271,000 after acquiring an additional 1,960,917 shares during the last quarter. 87.07% of the stock is owned by institutional investors and hedge funds.

NASDAQ:RDFN traded up $1.51 during mid-day trading on Friday, reaching $42.92. The company’s stock had a trading volume of 694,034 shares, compared to its average volume of 1,406,580. Redfin has a 1 year low of $40.11 and a 1 year high of $98.44. The stock has a fifty day moving average of $49.55 and a 200-day moving average of $53.69. The firm has a market capitalization of $4.53 billion, a PE ratio of -57.23 and a beta of 1.72. The company has a quick ratio of 2.04, a current ratio of 3.11 and a debt-to-equity ratio of 3.82.

About Redfin

Redfin Corp. provides real estate brokerage services. The firm engages in buying and selling homes. It operates through the following segments: Real Estate Services and Properties. The Real Estate Services segment consists of revenue transactions. The Properties segment consists of home purchase costs, capitalized improvements, selling expenses and home maintenance expenses.

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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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