Redfin (NASDAQ:RDFN) Trading Down 4.3%
Shares of Redfin Co. (NASDAQ:RDFN) experienced a 4.3% drop during trading on Monday. The stock reached a low of $12.69 before closing at $12.81. Throughout the session, 1,654,578 shares changed hands, representing a significant 70% decline in volume compared to the average of 5,469,851 shares. This downward trend follows a previous close at $13.38.
Analyst Insights
Several analysts have recently provided their outlooks on Redfin. JPMorgan Chase & Co. reduced their price target for Redfin from $8.00 to $7.00, maintaining a “neutral” rating. Similarly, Susquehanna adjusted their target price from $8.00 to $7.00 with the same neutral stance. DA Davidson reiterated a “neutral” rating, setting a $7.25 price target, while Wedbush also restated a “neutral” rating with an $8.00 target. Needham & Company LLC maintained a “hold” rating for Redfin’s shares. The consensus rating for the stock stands at “Hold,” with an overall average target price of $7.68 according to current market analytics.
Key Financial Metrics
Redfin holds a market capitalization of $1.53 billion, with a P/E ratio of -10.67 and a beta of 2.66. The company maintains a quick ratio and current ratio of 1.48, alongside a debt-to-equity ratio of 295.91. The moving averages stand at $9.29 over 50 days and $7.34 over 200 days.
Recent Earnings Report
Redfin’s most recent quarterly earnings report, released on August 6th, showed the company exceeding expectations. Redfin posted an earnings per share (EPS) loss of ($0.23), which was slightly better than the consensus estimate of ($0.26). The company reported revenues of $295.20 million for the quarter, surpassing the anticipated $291.59 million. Compared to the same quarter last year, Redfin saw a 7.2% increase in quarterly revenue. However, the net margin remained negative at 13.55%, with a negative return on equity at 1,780.89%. For the same period last year, the company posted an EPS loss of ($0.25). Analysts project Redfin will report -1.13 EPS for the current fiscal year.
Insider Activity
In recent insider trading, Redfin’s insider Christian John Taubman sold 3,632 shares on August 21st at an average price of $9.25, totaling $33,596. Following this sale, Taubman now holds 71,720 shares valued at $663,410. These transactions were documented in filings with the Securities & Exchange Commission. Currently, insiders own 4.40% of Redfin’s stock.
Institutional Investors
Several institutional investors have either increased or decreased their stakes in Redfin. The Arizona State Retirement System grew its holdings by 5.4% to 33,381 shares valued at $201,000. ProShare Advisors LLC upped its stake by 9.8% in the first quarter to 19,876 shares valued at $132,000. Principal Financial Group Inc. raised its holdings by 17.7% to 14,872 shares worth $99,000. Mather Group LLC. increased its holdings by 282.1% in the second quarter to 3,821 shares valued at $25,000. The Swiss National Bank also raised its holdings by 1.3% to 227,500 shares worth $1,513,000. Overall, institutional investors and hedge funds currently own 61.07% of Redfin’s stock.
Company Profile
Redfin Corporation operates as a residential real estate brokerage in the United States and Canada. The company offers an online real estate marketplace and provides various real estate services, including aiding individuals in buying or selling homes. In addition to its brokerage services, Redfin also offers title and settlement services and handles mortgage origination and sales.
Redfin’s stock performance and financial health continue to be subjects of analysis and interest from investors and analysts alike. Despite recent fluctuations, the company’s innovative approach in the real estate marketplace keeps it under watch.
