Redfin (NASDAQ:RDFN) Receives “Buy” Rating from Royal Bank of Canada

Redfin (NASDAQ:RDFN)‘s stock had its “buy” rating reiterated by stock analysts at Royal Bank of Canada in a research report issued to clients and investors on Sunday, AnalystRatings.com reports. They presently have a $24.00 target price on the stock. Royal Bank of Canada’s price target indicates a potential upside of 55.74% from the company’s current price.

RDFN has been the topic of a number of other reports. Bank of America increased their price target on shares of Redfin from $22.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Needham & Company LLC upgraded shares of Redfin from an “underperform” rating to a “hold” rating in a research report on Tuesday, March 24th. Oppenheimer raised their target price on shares of Redfin from $24.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. DA Davidson upgraded shares of Redfin from a “neutral” rating to a “buy” rating and lifted their price target for the company from $18.50 to $25.00 in a report on Tuesday, December 10th. Finally, BidaskClub lowered Redfin from a “buy” rating to a “hold” rating in a research report on Tuesday, March 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Redfin currently has a consensus rating of “Buy” and an average price target of $24.69.

RDFN traded down $0.55 during trading on Friday, reaching $15.41. 90,192 shares of the company’s stock were exchanged, compared to its average volume of 2,607,254. Redfin has a one year low of $9.63 and a one year high of $32.77. The company has a current ratio of 5.30, a quick ratio of 4.43 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $1.50 billion, a PE ratio of -17.24 and a beta of 0.98. The firm has a fifty day moving average price of $23.54 and a two-hundred day moving average price of $20.95.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Wednesday, February 12th. The company reported ($0.08) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.04. Redfin had a negative net margin of 10.36% and a negative return on equity of 25.14%. The firm had revenue of $233.20 million for the quarter, compared to the consensus estimate of $217.17 million. During the same quarter in the prior year, the company posted ($0.14) earnings per share. The business’s revenue was up 87.9% on a year-over-year basis. Sell-side analysts expect that Redfin will post -0.78 earnings per share for the current year.

In other news, insider Adam Wiener sold 32,500 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $29.08, for a total transaction of $945,100.00. Following the sale, the insider now directly owns 215,342 shares of the company’s stock, valued at approximately $6,262,145.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 26th. The stock was sold at an average price of $18.16, for a total value of $54,480.00. Following the sale, the chief financial officer now directly owns 12,688 shares in the company, valued at $230,414.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,500 shares of company stock worth $1,939,720. 8.20% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in RDFN. First Trust Advisors LP purchased a new stake in Redfin during the 1st quarter valued at $521,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Redfin during the 1st quarter valued at $697,000. Tower Research Capital LLC TRC purchased a new stake in Redfin during the 3rd quarter valued at $25,000. State Street Corp raised its holdings in Redfin by 3.2% during the 3rd quarter. State Street Corp now owns 1,731,594 shares of the company’s stock valued at $29,160,000 after buying an additional 53,044 shares during the period. Finally, Stifel Financial Corp raised its holdings in Redfin by 45.6% during the 3rd quarter. Stifel Financial Corp now owns 17,451 shares of the company’s stock valued at $295,000 after buying an additional 5,468 shares during the period. Institutional investors own 90.28% 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, 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.

Recommended Story: What is a good dividend yield?

Analyst Recommendations for Redfin (NASDAQ:RDFN)

Receive News & Ratings for Redfin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redfin and related companies with MarketBeat.com's FREE daily email newsletter.