In a report released today, Jason Helfstein from Oppenheimer maintained a Buy rating on Redfin Corp (RDFN), with a price target of $21. The company’s shares closed yesterday at $18.33.
Helfstein wrote:
“We are maintaining our Outperform rating and $21 target on RDFN shares after mgmt. signaled increased optimism on the housing market, suggesting 2H:19 revenue acceleration. Meanwhile, the company is conservatively moving ahead with its iBuyer program, with revenues +90% q/q vs. +26% q/q in 3Q, iBuyer revenue guided to $15.0M-16.5M. RDFN reached 0.81% market share of US existing home sales by value within the quarter. Mgmt hopes to add ~10bps in market share per quarter y/y going forward. Bottom line for 1Q:19 was guided $23M below Street as RDFN rolls out offline marketing campaign adding $37M-$47M in spending but should yield higher conversion, likely to pick up in 2H:19 and lead to accelerated revenue growth with aforementioned macro tailwinds.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 17.7% and a 63.4% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and Spotify Technology SA.
The word on The Street in general, suggests a Hold analyst consensus rating for Redfin Corp with a $19 average price target, representing a 3.7% upside. In a report issued on January 31, Cowen & Co. also maintained a Buy rating on the stock with a $21 price target.
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The company has a one-year high of $26.01 and a one-year low of $13.50. Currently, Redfin Corp has an average volume of 797.2K.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RDFN in relation to earlier this year.
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Redfin Corp. is a technology-powered residential real estate brokerage, which engages in buying and selling homes. It operates through Real Estate and Other segments. The Real Estate segment consists of real estate transactions.
