Wall Street brokerages predict that Redfin Corp (NASDAQ:RDFN) will post $230.14 million in sales for the current quarter, Zacks reports. Eight analysts have issued estimates for Redfin’s earnings, with estimates ranging from $228.23 million to $235.10 million. Redfin reported sales of $140.26 million in the same quarter last year, which would suggest a positive year over year growth rate of 64.1%. The company is expected to report its next earnings report on Thursday, November 14th.
On average, analysts expect that Redfin will report full-year sales of $724.37 million for the current financial year, with estimates ranging from $638.07 million to $751.05 million. For the next financial year, analysts anticipate that the business will post sales of $946.66 million, with estimates ranging from $778.80 million to $1.05 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Redfin.
Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.14) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.01. The company had revenue of $197.80 million during the quarter, compared to the consensus estimate of $190.35 million. Redfin had a negative net margin of 15.47% and a negative return on equity of 25.83%. Redfin’s quarterly revenue was up 38.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 EPS.
A number of brokerages have recently issued reports on RDFN. DA Davidson set a $16.00 price target on shares of Redfin and gave the company a “hold” rating in a report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of Redfin from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. KeyCorp began coverage on shares of Redfin in a report on Friday, July 19th. They issued a “sector weight” rating and a $18.00 price target for the company. Cowen set a $24.00 price target on shares of Redfin and gave the company a “buy” rating in a report on Friday, June 21st. Finally, BidaskClub upgraded shares of Redfin from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $22.67.
Redfin stock traded up $0.25 during trading hours on Thursday, reaching $17.01. 1,365,500 shares of the stock were exchanged, compared to its average volume of 1,195,811. The stock has a market cap of $1.54 billion, a P/E ratio of -34.71 and a beta of 1.36. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.19 and a current ratio of 3.91. Redfin has a 52-week low of $13.50 and a 52-week high of $23.47. The firm’s 50 day moving average is $17.99 and its 200 day moving average is $18.89.
In other Redfin news, insider Adam Wiener sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the insider now directly owns 245,503 shares of the company’s stock, valued at approximately $4,910,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher John Nielsen sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $17.35, for a total transaction of $52,050.00. Following the sale, the chief financial officer now directly owns 8,542 shares in the company, valued at $148,203.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,000 shares of company stock worth $727,640. 8.20% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the business. RFG Advisory LLC boosted its stake in shares of Redfin by 8.1% during the 2nd quarter. RFG Advisory LLC now owns 11,363 shares of the company’s stock worth $203,000 after purchasing an additional 850 shares during the last quarter. Penserra Capital Management LLC purchased a new position in shares of Redfin during the 1st quarter worth about $25,000. Legal & General Group Plc lifted its holdings in shares of Redfin by 4.4% during the 4th quarter. Legal & General Group Plc now owns 31,859 shares of the company’s stock worth $459,000 after acquiring an additional 1,333 shares during the period. Keybank National Association OH lifted its holdings in shares of Redfin by 6.4% during the 1st quarter. Keybank National Association OH now owns 27,492 shares of the company’s stock worth $557,000 after acquiring an additional 1,660 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Redfin by 3.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 50,601 shares of the company’s stock worth $910,000 after acquiring an additional 1,730 shares during the period. 92.70% of the stock is currently owned by institutional investors.
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, including assisting individuals in purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.
Featured Story: What is a balanced fund?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Redfin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redfin and related companies with MarketBeat.com's FREE daily email newsletter.