Brokerages Anticipate Redfin Co. (NASDAQ:RDFN) Will Announce Earnings of -$0.30 Per Share

Brokerages expect that Redfin Co. (NASDAQ:RDFN) will post earnings of ($0.30) per share for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Redfin’s earnings, with the lowest EPS estimate coming in at ($0.33) and the highest estimate coming in at ($0.13). Redfin posted earnings of $0.11 per share during the same quarter last year, which would indicate a negative year over year growth rate of 372.7%. The firm is expected to issue its next earnings report on Wednesday, February 23rd.

On average, analysts expect that Redfin will report full year earnings of ($1.01) per share for the current fiscal year, with EPS estimates ranging from ($1.18) to ($0.46). For the next year, analysts anticipate that the firm will post earnings of ($1.04) per share, with EPS estimates ranging from ($2.89) to ($0.13). Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover Redfin.

Redfin (NASDAQ:RDFN) last released its quarterly 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). Redfin had a negative return on equity of 17.39% and a negative net margin of 4.50%. The company had revenue of $540.10 million for the quarter, compared to analysts’ expectations of $535.11 million. During the same period in the prior year, the business earned $0.30 EPS. The business’s quarterly revenue was up 128.0% compared to the same quarter last year.

A number of equities research analysts recently commented on RDFN shares. Susquehanna Bancshares started coverage on shares of Redfin in a research report on Friday, August 13th. They issued a “neutral” rating and a $60.00 price objective for the company. Wedbush reduced their price objective on shares of Redfin from $85.00 to $78.00 and set an “outperform” rating for the company in a research report on Wednesday, August 11th. Susquehanna started coverage on shares of Redfin in a research report on Friday, August 13th. They issued a “neutral” rating and a $60.00 price objective for the company. Royal Bank of Canada reduced their price objective on shares of Redfin from $66.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, November 5th. Finally, Zacks Investment Research upgraded shares of Redfin from a “sell” rating to a “hold” rating in a research report on Thursday, October 28th. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $70.23.

In other Redfin news, CEO Glenn Kelman sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 10th. The stock was sold at an average price of $49.23, for a total transaction of $1,476,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Wiener sold 1,500 shares of Redfin stock in a transaction that occurred on Friday, October 15th. The stock was 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. Insiders have sold 93,750 shares of company stock worth $4,583,108 over the last quarter. 6.10% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Focused Wealth Management Inc grew its position in shares of Redfin by 16.4% in the 2nd quarter. Focused Wealth Management Inc now owns 1,600 shares of the company’s stock worth $101,000 after acquiring an additional 225 shares in the last quarter. NEXT Financial Group Inc grew its position in shares of Redfin by 6.2% in the 3rd quarter. NEXT Financial Group Inc now owns 4,226 shares of the company’s stock worth $212,000 after acquiring an additional 247 shares in the last quarter. Arizona State Retirement System grew its position in shares of Redfin by 1.0% in the 3rd quarter. Arizona State Retirement System now owns 25,506 shares of the company’s stock worth $1,278,000 after acquiring an additional 257 shares in the last quarter. MML Investors Services LLC grew its position in shares of Redfin by 8.1% in the 1st quarter. MML Investors Services LLC now owns 4,049 shares of the company’s stock worth $270,000 after acquiring an additional 305 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in Redfin by 5.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 6,470 shares of the company’s stock valued at $428,000 after purchasing an additional 339 shares during the period. Institutional investors own 87.07% of the company’s stock.

Shares of NASDAQ RDFN traded up $1.51 during midday trading on Friday, reaching $42.92. 694,034 shares of the company were exchanged, compared to its average volume of 1,406,580. The company has a current ratio of 3.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.82. Redfin has a 1 year low of $40.11 and a 1 year high of $98.44. The stock has a fifty day simple moving average of $49.55 and a 200 day simple moving average of $53.69. The stock has a market cap of $4.53 billion, a P/E ratio of -57.23 and a beta of 1.72.

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.

Read More: Cost of Goods Sold (COGS)

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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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