Zacks: Analysts Anticipate Redfin Co. (NASDAQ:RDFN) Will Announce Earnings of -$0.15 Per Share

Brokerages predict that Redfin Co. (NASDAQ:RDFN) will announce ($0.15) earnings per share for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Redfin’s earnings. The highest EPS estimate is $0.18 and the lowest is ($0.23). Redfin reported earnings of $0.30 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 150%. The firm is scheduled to report its next earnings results on Thursday, November 4th.

According to Zacks, analysts expect that Redfin will report full-year earnings of ($0.89) per share for the current fiscal year, with EPS estimates ranging from ($1.31) to ($0.42). For the next fiscal year, analysts anticipate that the firm will post earnings of ($0.67) per share, with EPS estimates ranging from ($1.25) to $0.47. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that that provide coverage for Redfin.

Redfin (NASDAQ:RDFN) last announced its earnings results on Thursday, August 5th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.04. Redfin had a negative return on equity of 3.73% and a negative net margin of 1.27%. The company had revenue of $471.32 million for the quarter, compared to analysts’ expectations of $454.91 million.

Several equities research analysts have issued reports on RDFN shares. Susquehanna initiated coverage on Redfin in a report on Friday, August 13th. They issued a “neutral” rating and a $60.00 price target for the company. Wedbush reduced their price target on Redfin from $85.00 to $78.00 and set an “outperform” rating for the company in a research report on Wednesday, August 11th. Royal Bank of Canada dropped their price objective on Redfin from $68.00 to $66.00 and set an “outperform” rating on the stock in a research note on Friday, August 6th. DA Davidson dropped their price objective on Redfin from $63.00 to $62.00 and set a “neutral” rating on the stock in a research note on Monday, August 9th. Finally, Zacks Investment Research lowered Redfin from a “hold” rating to a “sell” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Redfin presently has an average rating of “Hold” and a consensus price target of $66.80.

In related news, Director Robert J. Mylod, Jr. sold 6,083 shares of the stock in a transaction on Friday, August 20th. The stock was sold at an average price of $45.47, for a total value of $276,594.01. Following the transaction, the director now directly owns 8,849 shares in the company, valued at approximately $402,364.03. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Christopher John Nielsen sold 4,500 shares of the stock in a transaction on Tuesday, October 5th. The stock was sold at an average price of $47.60, for a total value of $214,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 119,833 shares of company stock worth $6,392,299 over the last 90 days. Company insiders own 6.10% of the company’s stock.

A number of large investors have recently modified their holdings of RDFN. Baillie Gifford & Co. boosted its holdings in Redfin by 5.4% during the 2nd quarter. Baillie Gifford & Co. now owns 10,436,977 shares of the company’s stock worth $661,808,000 after acquiring an additional 536,058 shares during the last quarter. Durable Capital Partners LP boosted its holdings in Redfin by 6.7% during the second quarter. Durable Capital Partners LP now owns 9,163,912 shares of the company’s stock worth $581,084,000 after purchasing an additional 576,272 shares during the last quarter. Bares Capital Management Inc. boosted its holdings in Redfin by 55.8% during the second quarter. Bares Capital Management Inc. now owns 7,994,900 shares of the company’s stock worth $506,957,000 after purchasing an additional 2,864,685 shares during the last quarter. Allianz Asset Management GmbH grew its position in Redfin by 10.5% in the 2nd quarter. Allianz Asset Management GmbH now owns 2,676,701 shares of the company’s stock worth $169,730,000 after purchasing an additional 254,809 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Redfin by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,016,759 shares of the company’s stock worth $127,882,000 after purchasing an additional 67,841 shares in the last quarter. Institutional investors and hedge funds own 87.08% of the company’s stock.

NASDAQ RDFN traded up $2.16 on Wednesday, reaching $50.95. The company had a trading volume of 1,016,362 shares, compared to its average volume of 1,454,656. The stock’s 50 day moving average is $50.66 and its 200-day moving average is $57.25. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of -203.80 and a beta of 1.84. The company has a quick ratio of 2.76, a current ratio of 3.47 and a debt-to-equity ratio of 3.72. Redfin has a 52 week low of $37.31 and a 52 week high of $98.44.

About Redfin

Redfin Corp. provides real estate brokerage services. The firm engages in buying and selling homes. It operates through the following segments: Real Estate Services and Properties. The Real Estate Services segment consists of revenue transactions. The Properties segment consists of home purchase costs, capitalized improvements, selling expenses and home maintenance expenses.

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Earnings History and Estimates for Redfin (NASDAQ:RDFN)

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