Wedbush Analysts Decrease Earnings Estimates for Redfin Co. (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) – Investment analysts at Wedbush cut their Q3 2024 earnings per share (EPS) estimates for shares of Redfin in a research note issued on Tuesday, August 6th. Wedbush analyst J. Mccanless now anticipates that the company will post earnings of ($0.25) per share for the quarter, down from their previous estimate of ($0.20). Wedbush currently has a “Neutral” rating and a $8.00 target price on the stock. The consensus estimate for Redfin’s current full-year earnings is ($1.15) per share. Wedbush also issued estimates for Redfin’s Q4 2024 earnings at ($0.18) EPS and FY2024 earnings at ($1.22) EPS.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.03. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The business had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. During the same period in the previous year, the firm earned ($0.25) EPS. Redfin’s quarterly revenue was up 7.2% compared to the same quarter last year.

Several other brokerages have also issued reports on RDFN. JPMorgan Chase & Co. decreased their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, July 3rd. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $8.00 to $9.00 in a research report on Wednesday, May 8th. Susquehanna cut their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Citigroup cut their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Redfin has an average rating of “Hold” and an average price target of $7.18.

Redfin Price Performance

Shares of RDFN opened at $7.02 on Friday. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a 50 day simple moving average of $6.85 and a 200 day simple moving average of $6.76. Redfin has a 52-week low of $4.26 and a 52-week high of $11.16. The firm has a market capitalization of $838.68 million, a PE ratio of -5.90 and a beta of 2.65.

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Redfin by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock valued at $127,623,000 after acquiring an additional 1,953,127 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after acquiring an additional 445,486 shares during the period. Trexquant Investment LP raised its stake in Redfin by 208.8% in the 4th quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock valued at $6,377,000 after acquiring an additional 417,811 shares during the period. Assenagon Asset Management S.A. raised its stake in Redfin by 695.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock valued at $2,113,000 after acquiring an additional 307,396 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Redfin in the 4th quarter valued at $1,741,000. Institutional investors own 61.07% of the company’s stock.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total transaction of $25,278.72. Following the sale, the insider now owns 57,274 shares in the company, valued at approximately $398,627.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.40% of the company’s stock.

About Redfin

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.