Wedbush Lowers Redfin (NASDAQ:RDFN) Price Target to $44.00

Redfin (NASDAQ:RDFN) had its price objective decreased by Wedbush from $68.00 to $44.00 in a research note released on Wednesday morning, The Fly reports.

Other research analysts have also recently issued reports about the stock. Piper Sandler reiterated a buy rating and set a $69.00 price objective on shares of Redfin in a report on Friday, November 19th. DA Davidson cut their price target on shares of Redfin from $62.00 to $50.00 and set a neutral rating on the stock in a report on Monday, November 22nd. Evercore ISI restated a hold rating and set a $60.00 price target on shares of Redfin in a report on Sunday, November 7th. Royal Bank of Canada cut their price target on shares of Redfin from $66.00 to $60.00 and set an outperform rating on the stock in a report on Friday, November 5th. Finally, Truist Securities cut their price target on shares of Redfin from $90.00 to $88.00 and set a buy rating on the stock in a report on Monday, November 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Redfin currently has a consensus rating of Hold and an average price target of $67.62.

Shares of NASDAQ RDFN opened at $32.41 on Wednesday. The company has a 50-day moving average price of $40.49 and a 200-day moving average price of $48.87. Redfin has a 1 year low of $31.31 and a 1 year high of $98.44. 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 (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 4th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $540.10 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 128.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.30 earnings per share. On average, research analysts anticipate that Redfin will post -1.16 EPS for the current fiscal year.

In other news, insider Scott Nagel sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 14th. The shares were sold at an average price of $39.09, for a total value of $469,080.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony Ray Kappus sold 896 shares of the business’s stock in a transaction that occurred on Wednesday, December 8th. The shares were sold at an average price of $41.10, for a total transaction of $36,825.60. The disclosure for this sale can be found here. In the last three months, insiders sold 152,814 shares of company stock worth $6,659,776. Insiders own 6.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of RDFN. First Trust Advisors LP bought a new stake in Redfin during the 1st quarter worth approximately $521,000. Amundi Pioneer Asset Management Inc. bought a new stake in Redfin during the 1st quarter worth approximately $697,000. PNC Financial Services Group Inc. increased its holdings in Redfin by 24.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 11,774 shares of the company’s stock worth $747,000 after acquiring an additional 2,286 shares during the period. Rafferty Asset Management LLC grew its stake in Redfin by 45.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 7,431 shares of the company’s stock worth $471,000 after buying an additional 2,311 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in Redfin by 3.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 39,353 shares of the company’s stock worth $2,495,000 after buying an additional 1,254 shares in the last quarter. 89.84% of the stock is currently owned by institutional investors and hedge funds.

Redfin Company Profile

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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