Redfin Co. (NASDAQ:RDFN – Get Rating) – Jefferies Financial Group cut their Q3 2022 earnings per share (EPS) estimates for shares of Redfin in a report issued on Tuesday, May 31st. Jefferies Financial Group analyst J. Colantuoni now forecasts that the company will post earnings of ($0.35) per share for the quarter, down from their prior estimate of ($0.15). Jefferies Financial Group currently has a “Hold” rating and a $32.00 price objective on the stock. Jefferies Financial Group also issued estimates for Redfin’s Q4 2022 earnings at ($0.29) EPS, FY2022 earnings at ($2.11) EPS, Q1 2023 earnings at ($0.60) EPS, Q2 2023 earnings at ($0.51) EPS, Q3 2023 earnings at ($0.21) EPS, Q4 2023 earnings at ($0.16) EPS, FY2023 earnings at ($1.48) EPS, Q1 2024 earnings at ($0.51) EPS, FY2024 earnings at ($0.91) EPS and FY2025 earnings at ($0.24) EPS.
Redfin (NASDAQ:RDFN – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.23. Redfin had a negative net margin of 7.31% and a negative return on equity of 53.87%. The business had revenue of $597.30 million during the quarter, compared to analysts’ expectations of $553.97 million. During the same period last year, the company posted ($0.37) EPS. The business’s revenue was up 122.6% on a year-over-year basis.
RDFN has been the topic of several other research reports. Truist Financial cut their target price on Redfin from $42.00 to $31.00 in a research report on Friday, May 6th. The Goldman Sachs Group cut their price target on shares of Redfin from $20.00 to $17.50 and set a “neutral” rating on the stock in a report on Tuesday, April 19th. Royal Bank of Canada downgraded shares of Redfin from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $60.00 to $23.00 in a research note on Friday, February 18th. Stephens downgraded Redfin from an “overweight” rating to an “equal weight” rating in a report on Friday, February 18th. Finally, Piper Sandler decreased their target price on Redfin from $11.00 to $10.00 in a research report on Friday, May 6th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $34.58.
Shares of NASDAQ RDFN opened at $10.95 on Friday. Redfin has a 1-year low of $8.65 and a 1-year high of $65.41. The business’s 50 day moving average is $13.10 and its two-hundred day moving average is $25.13. The company has a debt-to-equity ratio of 5.26, a current ratio of 3.66 and a quick ratio of 2.84.
In related news, CEO Glenn Kelman sold 15,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $10.68, for a total transaction of $160,200.00. Following the transaction, the chief executive officer now directly owns 1,256,502 shares in the company, valued at approximately $13,419,441.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert J. Mylod, Jr. sold 2,750 shares of the firm’s stock in a transaction dated Monday, March 21st. The stock was sold at an average price of $20.44, for a total value of $56,210.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,250 shares of company stock worth $438,230. 6.10% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Swiss National Bank lifted its holdings in shares of Redfin by 0.4% in the 4th quarter. Swiss National Bank now owns 207,800 shares of the company’s stock valued at $7,977,000 after buying an additional 900 shares during the period. Centiva Capital LP increased its holdings in shares of Redfin by 132.6% during the 3rd quarter. Centiva Capital LP now owns 12,492 shares of the company’s stock valued at $626,000 after purchasing an additional 7,122 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Redfin by 49.2% during the third quarter. Franklin Resources Inc. now owns 8,689 shares of the company’s stock worth $435,000 after buying an additional 2,867 shares in the last quarter. Strs Ohio raised its position in shares of Redfin by 3.0% in the fourth quarter. Strs Ohio now owns 24,100 shares of the company’s stock worth $925,000 after acquiring an additional 700 shares during the period. Finally, ProShare Advisors LLC raised its stake in shares of Redfin by 38.7% during the 4th quarter. ProShare Advisors LLC now owns 39,968 shares of the company’s stock worth $1,534,000 after buying an additional 11,153 shares during the period. 97.94% of the stock is owned by institutional investors.
About Redfin (Get Rating)
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; originates and sells mortgages; and buys and sells homes.
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