Redfin (NASDAQ:RDFN) was upgraded by investment analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Friday, MarketBeat Ratings reports. The firm presently has a $28.00 price objective on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 41.70% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other analysts also recently issued reports on the company. BidaskClub downgraded Redfin from a “hold” rating to a “sell” rating in a research report on Thursday, January 25th. William Blair assumed coverage on Redfin in a research report on Thursday, October 19th. They issued an “outperform” rating for the company. Zacks Investment Research raised Redfin from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Wednesday, November 15th. Cowen assumed coverage on Redfin in a research report on Friday, December 15th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Piper Jaffray Companies lifted their target price on Redfin from $24.00 to $29.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $25.50.
Shares of Redfin (RDFN) opened at $19.76 on Friday. Redfin has a 52-week low of $19.29 and a 52-week high of $33.49.
Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 9th. The company reported $0.12 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.12. The business had revenue of $109.50 million for the quarter, compared to analyst estimates of $110.62 million. Redfin’s revenue for the quarter was up 35.0% on a year-over-year basis. equities analysts anticipate that Redfin will post -0.2 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisor Group Inc. acquired a new position in Redfin in the 3rd quarter valued at about $129,000. SG Americas Securities LLC acquired a new position in Redfin in the 3rd quarter valued at about $139,000. Wells Fargo & Company MN acquired a new position in Redfin in the 3rd quarter valued at about $158,000. FNY Partners Fund LP purchased a new position in shares of Redfin in the 3rd quarter valued at about $175,000. Finally, American International Group Inc. purchased a new position in shares of Redfin in the 3rd quarter valued at about $181,000. 38.48% of the stock is owned by institutional investors.
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Redfin Corporation is engaged in providing residential real estate brokerage services. The customer can search for homes by neighborhood, city or MLS number, or can refine results using detailed parameters, such as price and number of beds or baths. The Company serves home buyers and sellers. The Company offers online tools to consumers, including Redfin Estimate, which is an automated home-valuation tool.
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