Redfin (NASDAQ:RDFN) Hits New 12-Month High at $12.30

Redfin Co. (NASDAQ:RDFN)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $12.30 and last traded at $12.30, with a volume of 251589 shares traded. The stock had previously closed at $11.50.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RDFN shares. B. Riley upgraded shares of Redfin from a “neutral” rating to a “buy” rating and raised their price target for the company from $7.50 to $13.00 in a report on Tuesday, September 3rd. DA Davidson reaffirmed a “neutral” rating and set a $7.25 target price on shares of Redfin in a research report on Wednesday, July 3rd. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, August 7th. Finally, Susquehanna dropped their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.68.

Redfin Price Performance

The company has a 50-day moving average of $8.43 and a 200-day moving average of $7.04. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -10.74 and a beta of 2.66.

Redfin (NASDAQ:RDFN) last released its earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The business had revenue of $295.20 million for the quarter, compared to the consensus estimate of $291.59 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. Redfin’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.25) earnings per share. As a group, research analysts anticipate that Redfin Co. will post -1.13 EPS for the current fiscal year.

Insider Activity at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total value of $33,596.00. Following the transaction, the insider now owns 71,720 shares in the company, valued at approximately $663,410. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Redfin

A number of hedge funds have recently added to or reduced their stakes in the company. Mather Group LLC. grew its position in Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after purchasing an additional 3,101 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Redfin in the first quarter valued at approximately $58,000. New York State Teachers Retirement System bought a new stake in Redfin during the first quarter worth $66,000. Finally, First Trust Direct Indexing L.P. purchased a new stake in Redfin in the 1st quarter valued at $72,000. Institutional investors and hedge funds own 61.07% of the company’s stock.

Redfin Company Profile

Redfin Corporation operates as a residential real estate brokerage company in the United States and Canada. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in the purchase or sell of home. It also provides title and settlement services; and originates and sells mortgages.