The Vanguard Group, Inc. recently announced the acquisition of new stake in Redfin Corporation (NASDAQ:RDFN). The institutional investor has increased its shareholding in the Real Estate company by 13.05% to 11.7 million shares with purchase of 1.35 million shares. This fresh investment now brings its stake to 11.89% valued currently at $486.67 million. In addition, Baillie Gifford & Co. raised its holdings by 0.19 million to 8.13 million shares. And BlackRock Fund Advisors has lifted its position by 8.80% or 0.48 million shares – to 5.93 million shares.
With over 1.06 million Redfin Corporation (RDFN) shares trading Monday and a closing price of $46.48 on the day, the dollar volume was approximately $49.5 million. The shares have shown a positive weekly performance of 6.09% and its price on 08/24/20 lost nearly -2.02%. Currently, there are 98.79M common shares owned by the public and among those 93.99M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for RDFN have a consensus price objective of $40.85. The analysts have set the share’s price value over the next 12 months at a high of $50.00 and a low of $25.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Redfin Corporation stock is 2.70 for the next 12 months. The average price target is -13.78% below its last price level and a downside to the estimated low will see the stock lose -85.92% over that period. But an upside of 7.04% will see the stock hit the forecast high price target while mean target price for the stock is $41.00.
Insiders at the company have transacted a total of 160 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 67 of these insider trades were purchases, accounting for 596,056 shares. Insider sales of the common stock occurred on 93 occasions, with total insider shares sold totaling 794,384 shares.
The top 3 mutual fund holders in Redfin Corporation are Hartford Mid Cap Fund, Vanguard Real Estate Index Fund, and Vanguard US Growth Fund. Hartford Mid Cap Fund owns 4.5 million shares of the company’s stock, all valued at over $187.19 million. The company sold -0.46 million shares recently to bring their total holdings to about 4.57% of the shares outstanding. Vanguard Real Estate Index Fund sold 28593.0 shares to see its total holdings shrink to 3.24 million shares valued at over $134.88 million and representing 3.29% of the shares outstanding. Vanguard US Growth Fund now owns shares totaling to 2.84% of the shares outstanding.
Shares of Redfin Corporation (NASDAQ: RDFN) opened at $48.00, up $0.56 from a prior closing price of $47.44. However, the script later closed the day at $46.48, down -2.02%. The company’s stock has a 5-day price change of 6.09% and 56.29% over the past three months. RDFN shares are trading 119.87% year to date (YTD), with the 12-month market performance up to 175.68% higher. It has a 12-month low price of $9.63 and touched a high of $48.00 over the same period. Currently, 1.06 million shares have been traded, compared to an average intraday trading volume of 1.46 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.87%, 14.94%, and 71.60% respectively.
Institutional ownership of Redfin Corporation (NASDAQ: RDFN) shares accounts for 99.10% of the company’s 98.79M shares outstanding. Mutual fund holders own 43.98%, while other institutional holders and individual stakeholders account for 47.67% and 40.40% respectively.
It has a market capitalization of $4.58B. The earnings-per-share (ttm) stands at -$0.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.76% over the week and 6.06% over the month.
Analysts forecast that Redfin Corporation (RDFN) will achieve an EPS of $0.2 for the current quarter, $0.01 for the next quarter and -$0.35 for 2021. The lowest estimate earnings-per-share for the quarter is $0.14 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -80.10%, and 30.00% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 11.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Redfin Corporation (RDFN) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 9 of the 17 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the RDFN, a number of firms have released research notes about the stock. Compass Point stated their Neutral rating for the stock in a research note on August 03, 2020, with the firm’s price target at $36. Susquehanna coverage for the Redfin Corporation (RDFN) stock in a research note released on July 28, 2020 offered a Negative rating with a price target of. BofA Securities was of a view on July 13, 2020 that the stock is Underperform, while RBC Capital Mkts gave the stock Sector Perform rating on July 10, 2020, issuing a price target of $41. Susquehanna on their part issued Neutral rating on May 11, 2020.