B. Riley Has Negative Outlook of Redfin FY2024 Earnings

Redfin Co. (NASDAQ:RDFN) – Stock analysts at B. Riley cut their FY2024 earnings per share (EPS) estimates for shares of Redfin in a research report issued to clients and investors on Monday, November 11th. B. Riley analyst N. Khan now forecasts that the company will post earnings of ($1.31) per share for the year, down from their previous forecast of ($1.15). B. Riley has a “Buy” rating and a $15.00 price target on the stock. The consensus estimate for Redfin’s current full-year earnings is ($1.21) per share. B. Riley also issued estimates for Redfin’s Q4 2024 earnings at ($0.24) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.25) EPS, Q3 2025 earnings at ($0.18) EPS, Q4 2025 earnings at ($0.22) EPS, FY2025 earnings at ($0.96) EPS, FY2026 earnings at ($0.69) EPS and FY2027 earnings at ($0.24) EPS.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million for the quarter, compared to analyst estimates of $280.21 million. During the same quarter last year, the company posted ($0.17) earnings per share.

A number of other equities research analysts also recently issued reports on RDFN. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Wedbush increased their target price on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group upped their price objective on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Susquehanna boosted their target price on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Redfin presently has a consensus rating of “Hold” and an average target price of $9.23.

Redfin Stock Down 3.9 %

Shares of NASDAQ:RDFN opened at $8.37 on Thursday. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29. The company’s 50 day moving average price is $11.12 and its two-hundred day moving average price is $8.62. The firm has a market cap of $1.04 billion, a PE ratio of -6.54 and a beta of 2.70.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the sale, the insider now owns 71,720 shares in the company, valued at $663,410. The trade was a 4.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Redfin

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in Redfin by 205.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after buying an additional 3,101 shares during the last quarter. Swiss National Bank increased its position in Redfin by 1.3% in the 1st quarter. Swiss National Bank now owns 227,500 shares of the company’s stock valued at $1,513,000 after acquiring an additional 2,900 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Redfin during the first quarter valued at $298,000. ProShare Advisors LLC lifted its holdings in shares of Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after purchasing an additional 1,766 shares during the period. Finally, Entropy Technologies LP grew its stake in shares of Redfin by 41.4% in the first quarter. Entropy Technologies LP now owns 80,912 shares of the company’s stock worth $538,000 after purchasing an additional 23,689 shares during the last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

Redfin Company Profile

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.