In a report released today, Jason Helfstein from Oppenheimer maintained a Buy rating on Redfin Corp (NASDAQ: RDFN), with a price target of $21. The company’s shares closed on Friday at $17.96, close to its 52-week low of $17.74.
Helfstein wrote:
“Maintaining Outperform rating despite 23% share price decline last Friday, on concerns over slowing growth. 1) RDFN gaining share within the US real estate market, 2) offer investors a way to play the iBuyer initiative at a much lower valuation than Z, and 3) we think slowdown is macro-related and not RDFN-specific. Second-quarter 2018 share gain +19bps y/y vs. +15 bps in 1Q/4Q, and 14bps in 3Q:17, resulting in real estate revenue growth of 30% y/y vs. 28% in 1Q. While broker conversion program weighing on GMs, all KPIs are trending positively: repeat customers, double-sided customer transactions, Net Promoter Score. RDFN has expanded mortgage to seven states. RedFin Now targeting $11M in 3Q sales vs. $9M in 2Q and Z’s $4.5M target for 3Q.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 20.4% and a 66.1% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and IAC/InterActiveCorp.
Redfin Corp has an analyst consensus of Hold, with a price target consensus of $22.67, implying a 26.2% upside from current levels. In a report issued on August 10, Cowen & Co. also reiterated a Buy rating on the stock with a $28 price target.
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The company has a one-year high of $31.50 and a one-year low of $17.74. Currently, Redfin Corp has an average volume of 1.43M.
Based on the recent corporate insider activity of 29 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.
