Redfin (NASDAQ:RDFN) Stock Price Up 5.9%

Redfin Corp (NASDAQ:RDFN)’s stock price rose 5.9% on Thursday . The company traded as high as $52.87 and last traded at $52.86. Approximately 996,077 shares were traded during trading, a decline of 38% from the average daily volume of 1,600,255 shares. The stock had previously closed at $49.93.

RDFN has been the topic of a number of research reports. Zelman & Associates raised Redfin from a “hold” rating to a “buy” rating in a research report on Monday, July 27th. Royal Bank of Canada lowered Redfin from an “outperform” rating to a “sector perform” rating and set a $41.00 target price on the stock. in a research report on Thursday, July 9th. Truist upped their target price on Redfin from $50.00 to $58.00 in a research report on Monday, September 14th. Wedbush upped their target price on Redfin from $40.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, BofA Securities lowered Redfin from a “neutral” rating to an “underperform” rating and set a $24.00 target price on the stock. in a research report on Monday, July 13th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $40.18.

The stock has a market cap of $5.26 billion, a P/E ratio of -72.41 and a beta of 1.96. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.14 and a current ratio of 4.21. The business has a 50 day simple moving average of $46.81 and a 200-day simple moving average of $33.16.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.16. The firm had revenue of $213.67 million during the quarter, compared to the consensus estimate of $186.78 million. Redfin had a negative return on equity of 20.93% and a negative net margin of 7.73%. On average, sell-side analysts predict that Redfin Corp will post -0.41 earnings per share for the current fiscal year.

In other Redfin news, CFO Christopher John Nielsen sold 63,000 shares of the company’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $48.13, for a total value of $3,032,190.00. Following the completion of the transaction, the chief financial officer now owns 81,461 shares in the company, valued at approximately $3,920,717.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Glenn Kelman sold 20,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $42.20, for a total value of $844,000.00. Following the transaction, the chief executive officer now owns 1,790,445 shares of the company’s stock, valued at approximately $75,556,779. The disclosure for this sale can be found here. Insiders sold a total of 340,630 shares of company stock valued at $15,390,964 in the last 90 days. Corporate insiders own 7.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. American International Group Inc. raised its holdings in shares of Redfin by 10.7% in the second quarter. American International Group Inc. now owns 58,688 shares of the company’s stock worth $2,460,000 after buying an additional 5,691 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in shares of Redfin by 63.7% during the first quarter. Public Employees Retirement Association of Colorado now owns 12,149 shares of the company’s stock worth $187,000 after purchasing an additional 4,727 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Redfin by 2.7% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 80,117 shares of the company’s stock worth $3,358,000 after purchasing an additional 2,084 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Redfin by 13.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 605,492 shares of the company’s stock valued at $25,377,000 after acquiring an additional 70,681 shares during the last quarter. Finally, Chartwell Investment Partners LLC bought a new stake in Redfin in the second quarter valued at approximately $695,000. Institutional investors own 89.59% of the company’s stock.

Redfin Company Profile (NASDAQ:RDFN)

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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