Redfin (RDFN) Downgraded to Hold at Zelman & Associates

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Zelman & Associates lowered shares of Redfin (NASDAQ:RDFN) from a buy rating to a hold rating in a research note released on Friday, The Fly reports.

Other analysts have also recently issued research reports about the company. Cowen set a $21.00 target price on Redfin and gave the stock a buy rating in a research report on Friday. William Blair cut Redfin from an outperform rating to a market perform rating in a research report on Friday. Zacks Investment Research cut Redfin from a hold rating to a sell rating in a research report on Tuesday, October 23rd. DA Davidson cut Redfin from a buy rating to a hold rating and set a $22.00 target price on the stock. in a research report on Friday, August 10th. Finally, BidaskClub upgraded Redfin from a sell rating to a hold rating in a research report on Thursday, October 18th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Redfin currently has a consensus rating of Hold and a consensus target price of $23.42.

NASDAQ RDFN traded up $0.21 during trading on Friday, reaching $15.06. 3,650,558 shares of the company’s stock were exchanged, compared to its average volume of 1,071,200. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -75.30 and a beta of -0.63. Redfin has a 1 year low of $13.50 and a 1 year high of $31.50.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.02. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The company had revenue of $140.30 million during the quarter, compared to the consensus estimate of $139.45 million. During the same period in the previous year, the business earned $0.12 EPS. Redfin’s revenue for the quarter was up 28.1% on a year-over-year basis. Equities analysts anticipate that Redfin will post -0.43 earnings per share for the current year.

In related news, insider Adam Wiener sold 9,900 shares of the business’s stock in a transaction dated Thursday, October 11th. The stock was sold at an average price of $16.05, for a total value of $158,895.00. Following the transaction, the insider now owns 208,449 shares in the company, valued at approximately $3,345,606.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott Nagel sold 6,250 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $16.44, for a total value of $102,750.00. Following the completion of the transaction, the insider now owns 14,583 shares in the company, valued at approximately $239,744.52. The disclosure for this sale can be found here. Insiders have sold 57,290 shares of company stock worth $1,005,361 in the last quarter. Insiders own 8.80% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Great West Life Assurance Co. Can acquired a new position in Redfin in the 2nd quarter valued at about $106,000. Public Employees Retirement Association of Colorado acquired a new position in Redfin in the 3rd quarter valued at about $139,000. Caption Management LLC acquired a new position in Redfin in the 2nd quarter valued at about $191,000. Perkins Coie Trust Co increased its position in Redfin by 52.4% in the 2nd quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock valued at $200,000 after acquiring an additional 2,972 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in Redfin in the 2nd quarter valued at about $211,000. Hedge funds and other institutional investors own 78.16% of the company’s stock.

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, such as assisting individuals to 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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