Redfin Corp Forecasted to Post Q3 2020 Earnings of $0.21 Per Share (NASDAQ:RDFN)

Redfin Corp (NASDAQ:RDFN) – Stock analysts at Truist Securiti raised their Q3 2020 earnings per share (EPS) estimates for shares of Redfin in a note issued to investors on Monday, September 14th. Truist Securiti analyst N. Khan now forecasts that the company will post earnings per share of $0.21 for the quarter, up from their prior forecast of $0.20.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.16. Redfin had a negative net margin of 7.73% and a negative return on equity of 20.93%. The company had revenue of $213.67 million during the quarter, compared to the consensus estimate of $186.78 million.

Several other equities research analysts also recently issued reports on RDFN. Goldman Sachs Group raised their target price on shares of Redfin from $19.00 to $30.00 and gave the company a “sell” rating in a research note on Monday, July 20th. They noted that the move was a valuation call. Oppenheimer lifted their price target on shares of Redfin from $27.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Stifel Nicolaus lifted their price target on shares of Redfin from $23.00 to $38.00 and gave the stock a “hold” rating in a report on Wednesday, July 29th. Zacks Investment Research upgraded shares of Redfin from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Friday, August 7th. Finally, SunTrust Banks lifted their price target on shares of Redfin from $30.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Redfin has an average rating of “Hold” and an average target price of $38.44.

Shares of NASDAQ:RDFN opened at $51.25 on Tuesday. Redfin has a 52-week low of $9.63 and a 52-week high of $55.43. The company has a market capitalization of $5.10 billion, a P/E ratio of -70.21 and a beta of 1.96. The company has a 50-day simple moving average of $45.31 and a 200 day simple moving average of $31.74. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.14 and a current ratio of 4.21.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Redfin by 13.1% during the 2nd quarter. Vanguard Group Inc. now owns 11,995,447 shares of the company’s stock valued at $502,729,000 after buying an additional 1,390,802 shares in the last quarter. Lord Abbett & CO. LLC lifted its stake in shares of Redfin by 142.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 4,130,329 shares of the company’s stock valued at $63,690,000 after buying an additional 2,424,806 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Redfin by 125.6% during the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,305,213 shares of the company’s stock valued at $35,546,000 after buying an additional 1,283,300 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Redfin by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,752,919 shares of the company’s stock valued at $73,464,000 after buying an additional 46,313 shares in the last quarter. Finally, Spyglass Capital Management LLC lifted its stake in shares of Redfin by 10.4% during the 1st quarter. Spyglass Capital Management LLC now owns 1,572,508 shares of the company’s stock valued at $24,248,000 after buying an additional 148,093 shares in the last quarter. Hedge funds and other institutional investors own 89.59% of the company’s stock.

In other Redfin news, CTO Bridget Frey sold 14,980 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $43.12, for a total value of $645,937.60. Following the completion of the sale, the chief technology officer now directly owns 120,857 shares of the company’s stock, valued at approximately $5,211,353.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $40.31, for a total transaction of $120,930.00. Following the completion of the sale, the chief financial officer now directly owns 19,086 shares of the company’s stock, valued at $769,356.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 280,630 shares of company stock valued at $12,479,704. 7.30% of the stock is currently owned by insiders.

About Redfin

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.

Read More: Return on Equity (ROE)

Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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