B. Riley Has Negative Outlook for Redfin FY2024 Earnings

Redfin Co. (NASDAQ:RDFN) – Research analysts at B. Riley lowered their FY2024 earnings per share (EPS) estimates for Redfin in a research report issued to clients and investors on Monday, November 11th. B. Riley analyst N. Khan now anticipates that the company will earn ($1.31) per share for the year, down from their prior forecast of ($1.15). B. Riley currently has a “Buy” rating and a $15.00 price objective on the stock. The consensus estimate for Redfin’s current full-year earnings is ($1.18) 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.

Other equities analysts have also issued research reports about the company. Wedbush boosted their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday. Susquehanna increased their price objective on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Jefferies Financial Group lifted their target price on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.23.

Redfin Price Performance

RDFN opened at $8.71 on Thursday. The company’s 50 day simple moving average is $11.14 and its two-hundred day simple moving average is $8.60. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -6.80 and a beta of 2.70. Redfin has a 1-year low of $5.10 and a 1-year high of $15.29.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the prior year, the firm earned ($0.17) EPS.

Hedge Funds Weigh In On Redfin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in shares of Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after buying an additional 3,101 shares in the last quarter. Swiss National Bank increased its position in shares of 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 purchasing an additional 2,900 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Redfin in the 1st quarter valued at $298,000. ProShare Advisors LLC lifted its position in shares of Redfin by 9.8% during the 1st 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 last quarter. Finally, Entropy Technologies LP grew its stake in shares of Redfin by 41.4% during 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 in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now owns 71,720 shares in the company, valued at approximately $663,410. The trade was a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

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.