Stifel Nicolaus analyst John Egbert maintained a Hold rating on Redfin Corp (RDFN) today and set a price target of $20. The company’s shares closed yesterday at $17.72.
Egbert commented:
“We are encouraged by Redfin’s continued progress in building out an end-to-end solution for buyers/sellers and the company’s efforts around increasing housing liquidity, reducing friction, and lowering costs for consumers; however, we remain Hold rated as we look for signs of further improvement in the core Real Estate Services business, which remains critical to funding Redfin’s other endeavors. Key Points 2Q:19 highlights. Redfin’s revenue of $197.8mm (+39% y/y) topped the Street’s $190.5mm (+34% y/y) forecast driven primarily by upside in the Properties segment. Services revenue grew +17% y/y during the quarter (up from +15% in the seasonally weak 1Q and +13% in 4Q) as transactions grew +16% y/y within -1% y/y decline in Partner revenue held back a modest acceleration (+18% y/y) in Brokerage revenue.”
According to TipRanks.com, Egbert is a 4-star analyst with an average return of 19.7% and a 54.2% success rate. Egbert covers the Technology sector, focusing on stocks such as Tencent Music Entertainment Group, Spotify Technology SA, and Yelp Inc.
Redfin Corp has an analyst consensus of Moderate Buy, with a price target consensus of $21.50, representing a 21.3% upside. In a report issued on July 19, KeyBanc also initiated coverage with a Hold rating on the stock with a $16 price target.
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Based on Redfin Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $67.18 million. In comparison, last year the company had a net profit of $3.21 million.
Based on the recent corporate insider activity of 57 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 the following segments: Real Estate, Properties and Other. The Real Estate segment revenue is derived from commissions and fees charged on real estate services transactions.
