Redfin (RDFN) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Redfin (NASDAQ:RDFN) from a buy rating to a hold rating in a research report released on Friday morning.

According to Zacks, “Redfin Corporation is engaged in providing residential real estate search and brokerage services. The Company provides an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services and originate mortgages. Redfin Corporation is headquartered in Seattle, Washington. “

Get Redfin alerts:

Several other equities research analysts have also recently weighed in on the stock. BidaskClub cut shares of Redfin from a strong-buy rating to a buy rating in a research report on Thursday. Cowen restated a buy rating and issued a $21.00 price objective on shares of Redfin in a research report on Monday, February 4th. ValuEngine upgraded shares of Redfin from a hold rating to a buy rating in a research report on Thursday, January 31st. Compass Point started coverage on shares of Redfin in a research report on Thursday, January 24th. They set a buy rating and a $20.50 price target for the company. Finally, DA Davidson cut shares of Redfin from a neutral rating to an underperform rating and lowered their price target for the stock from $17.00 to $15.50 in a research report on Tuesday, January 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $19.93.

RDFN opened at $19.99 on Friday. The company has a quick ratio of 8.15, a current ratio of 8.57 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -99.95 and a beta of 0.84. Redfin has a 1-year low of $13.50 and a 1-year high of $26.01.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, February 14th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.04. The firm had revenue of $124.10 million during the quarter, compared to analysts’ expectations of $117.15 million. Redfin had a negative net margin of 6.88% and a negative return on equity of 12.10%. The company’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.02) EPS. As a group, equities research analysts forecast that Redfin will post -0.54 EPS for the current year.

In related news, CFO Christopher John Nielsen sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, December 24th. The shares were sold at an average price of $14.00, for a total transaction of $42,000.00. Following the completion of the transaction, the chief financial officer now owns 3,000 shares in the company, valued at $42,000. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Adam Wiener sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $16.95, for a total transaction of $169,500.00. Following the transaction, the insider now owns 188,349 shares of the company’s stock, valued at approximately $3,192,515.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,785 shares of company stock valued at $805,876. 8.80% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BBT Capital Management LLC grew its holdings in Redfin by 17.4% during the third quarter. BBT Capital Management LLC now owns 135,000 shares of the company’s stock valued at $2,525,000 after purchasing an additional 20,000 shares during the period. Nisa Investment Advisors LLC acquired a new position in Redfin during the third quarter valued at approximately $655,000. SG Americas Securities LLC acquired a new position in Redfin during the third quarter valued at approximately $284,000. BlackRock Inc. grew its holdings in Redfin by 33.8% during the third quarter. BlackRock Inc. now owns 4,953,847 shares of the company’s stock valued at $92,637,000 after purchasing an additional 1,251,210 shares during the period. Finally, Cowen Prime Services LLC grew its holdings in Redfin by 5,625.0% during the third quarter. Cowen Prime Services LLC now owns 114,500 shares of the company’s stock valued at $2,141,000 after purchasing an additional 112,500 shares during the period. Hedge funds and other institutional investors own 93.16% 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, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

Read More: How to calculate the intrinsic value of a stock

Get a free copy of the Zacks research report on Redfin (RDFN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com