Needham & Company LLC Begins Coverage on Redfin (RDFN)

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Needham & Company LLC initiated coverage on shares of Redfin (NASDAQ:RDFN) in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm issued a hold rating on the stock.

Several other analysts also recently weighed in on the stock. Macquarie initiated coverage on shares of Redfin in a research report on Monday, September 17th. They issued a neutral rating and a $20.00 price objective on the stock. Cowen set a $23.00 target price on shares of Redfin and gave the company a buy rating in a research note on Friday, October 19th. BidaskClub cut shares of Redfin from a hold rating to a sell rating in a research note on Saturday, October 6th. Susquehanna Bancshares assumed coverage on shares of Redfin in a research note on Thursday, November 29th. They set a positive rating and a $19.00 target price on the stock. Finally, William Blair cut shares of Redfin from an outperform rating to a market perform rating in a research note on Friday, November 9th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $22.50.

Shares of Redfin stock traded up $0.25 during trading hours on Tuesday, reaching $16.61. The company’s stock had a trading volume of 12,400 shares, compared to its average volume of 637,961. The company has a debt-to-equity ratio of 0.30, a quick ratio of 8.15 and a current ratio of 8.57. Redfin has a one year low of $13.50 and a one year high of $27.60. The company has a market cap of $1.41 billion, a P/E ratio of -83.41 and a beta of 0.24.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Thursday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.02. The company had revenue of $140.30 million for the quarter, compared to the consensus estimate of $139.45 million. Redfin had a negative net margin of 6.88% and a negative return on equity of 12.10%. The company’s revenue for the quarter was up 28.1% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. As a group, sell-side analysts predict that Redfin will post -0.54 earnings per share for the current year.

In related news, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction dated Monday, December 24th. The shares were sold at an average price of $14.00, for a total transaction of $42,000.00. Following the transaction, the chief financial officer now owns 3,000 shares in the company, valued at approximately $42,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Adam Wiener sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $16.95, for a total transaction of $169,500.00. Following the transaction, the insider now owns 188,349 shares in the company, valued at approximately $3,192,515.55. The disclosure for this sale can be found here. Insiders have sold 47,755 shares of company stock worth $758,106 in the last ninety days. 8.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. American International Group Inc. lifted its position in Redfin by 8.9% during the 3rd quarter. American International Group Inc. now owns 52,538 shares of the company’s stock valued at $982,000 after purchasing an additional 4,303 shares during the period. Voya Investment Management LLC increased its stake in shares of Redfin by 18.1% in the 2nd quarter. Voya Investment Management LLC now owns 28,457 shares of the company’s stock valued at $657,000 after acquiring an additional 4,366 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in shares of Redfin by 22.3% in the 3rd quarter. Institute for Wealth Management LLC. now owns 24,159 shares of the company’s stock valued at $453,000 after acquiring an additional 4,410 shares during the last quarter. Great West Life Assurance Co. Can bought a new stake in shares of Redfin in the 2nd quarter valued at about $106,000. Finally, Willingdon Wealth Management increased its stake in shares of Redfin by 17.9% in the 3rd quarter. Willingdon Wealth Management now owns 33,659 shares of the company’s stock valued at $629,000 after acquiring an additional 5,112 shares during the last quarter. Institutional investors and hedge funds own 93.83% of the company’s stock.

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, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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