Redfin’s (RDFN) Buy Rating Reaffirmed at SunTrust Banks

SunTrust Banks reaffirmed their buy rating on shares of Redfin (NASDAQ:RDFN) in a research report sent to investors on Tuesday morning, AnalystRatings.com reports. They currently have a $25.00 price objective on the stock. SunTrust Banks also issued estimates for Redfin’s Q1 2020 earnings at ($0.77) EPS, Q2 2020 earnings at ($0.03) EPS, Q3 2020 earnings at $0.20 EPS, Q4 2020 earnings at ($0.05) EPS, FY2024 earnings at $0.47 EPS and FY2024 earnings at $0.53 EPS.

A number of other equities analysts have also recently issued reports on the company. DA Davidson upgraded Redfin from a neutral rating to a buy rating and lifted their target price for the stock from $18.50 to $25.00 in a report on Tuesday, December 10th. Zacks Investment Research raised Redfin from a hold rating to a buy rating and set a $24.00 target price for the company in a research report on Wednesday, January 8th. Piper Jaffray Companies raised their target price on Redfin from $26.00 to $28.00 and gave the stock an overweight rating in a research report on Thursday, November 7th. Zelman & Associates raised Redfin from a hold rating to a buy rating in a research report on Thursday, November 7th. Finally, BidaskClub raised Redfin from a buy rating to a strong-buy rating in a research report on Friday, January 24th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $26.13.

Shares of NASDAQ RDFN opened at $31.23 on Tuesday. The company has a quick ratio of 3.68, a current ratio of 4.81 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -32.87 and a beta of 1.41. The stock’s fifty day simple moving average is $23.72 and its 200 day simple moving average is $19.75. Redfin has a 52-week low of $14.70 and a 52-week high of $31.50.

Redfin (NASDAQ:RDFN) last issued its earnings results on Wednesday, February 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.04. The business had revenue of $233.20 million for the quarter, compared to analysts’ expectations of $217.17 million. Redfin had a negative return on equity of 25.71% and a negative net margin of 12.71%. The company’s quarterly revenue was up 87.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.14) EPS. As a group, analysts anticipate that Redfin will post -0.92 earnings per share for the current year.

In related news, insider Adam Wiener sold 35,000 shares of Redfin stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $19.94, for a total transaction of $697,900.00. Following the completion of the sale, the insider now owns 182,842 shares of the company’s stock, valued at $3,645,869.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Christopher John Nielsen sold 3,000 shares of Redfin stock in a transaction on Monday, January 27th. The shares were sold at an average price of $24.59, for a total value of $73,770.00. Following the sale, the chief financial officer now directly owns 11,306 shares of the company’s stock, valued at approximately $278,014.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,000 shares of company stock valued at $3,129,600. Insiders own 8.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC acquired a new stake in Redfin during the third quarter valued at $25,000. Nisa Investment Advisors LLC acquired a new stake in Redfin during the third quarter valued at $25,000. Usca Ria LLC acquired a new stake in Redfin during the third quarter valued at $51,000. NumerixS Investment Technologies Inc lifted its position in shares of Redfin by 119.1% in the fourth quarter. NumerixS Investment Technologies Inc now owns 2,410 shares of the company’s stock worth $51,000 after buying an additional 1,310 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its position in shares of Redfin by 28.8% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,646 shares of the company’s stock worth $61,000 after buying an additional 815 shares during the last quarter. 91.33% of the stock is owned by hedge funds and other institutional investors.

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, 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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Analyst Recommendations for Redfin (NASDAQ:RDFN)

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