Wednesday, June 26, 2019 6:04:15 PM
Not many investors were expecting NASDAQ:RDFN to receive any upgrades for quite a while considering the price action post earnings , but today John Campbell from Stephens upgraded the stock to Overweight from Underweight and a $23 price target. The stock has a high short interest which contributed to the 7.48% gain today, despite this we believe it will be a short lived bounce as the volume today was not that convincing. If the market becomes weak once again RDFN will soon be able to fill the gap created below.
AVERAGE ANALYSTS PRICE TARGET $21.38
AVERAGE ANALYSTS RECOMMENDATION HOLD
SHORT INTEREST 22.43%
ANALYSTS UPGRADE COMMENTS
"We are upgrading RDFN to Overweight from Underweight and raising our price target to $23 (up from $18). We have come to better appreciate RDFN's market position/strategy and a handful of its newer offerings," Campbell said.
"We also believe that the Company is beginning to lay the groundwork for a more e-commerce type offering (Redfin Direct, Redfin Now, packaged ancillary services, etc.). In addition, we see a very favorable NT set up as the stock has dropped into a more enticing valuation/buying window, many of its top markets are in the process of recovering from a tough 2H18 fallout and we see improved operating results moving forward, starting with impressive 2Q19 results. Lastly, we believe that RDFN has the type of model that can thrive in today's real estate ecosystem or one that is dramatically altered (ex. lower commission rates, limited buyer's agent involvement, etc.), " the analyst added.
COMPANY PROFILE
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. The Properties segment revenue is earned when the Company sells homes that it previously bought directly from homeowners. The Other segment revenue includes fees earned from mortgage banking services, title settlement services, Walk Score data services and advertising. The company was founded by David Selinger, David Eraker, and Michael Dougherty in 2004 and is headquartered in Seattle, WA.
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Recent RDFN News
- Redfin Report: The Pool of People Taking Out Mortgages In America Is Becoming Less White • Business Wire • 05/03/2024 12:00:00 PM
- Redfin Report: For the First Time in Nearly 2 Years, There’s No Major American Metro Where Home Prices Are Falling • Business Wire • 05/02/2024 12:00:00 PM
- Redfin Reports Nearly 1 in 5 People Who Plan To Vote for Trump Want to Live in a Place Where Abortion Is Legal • Business Wire • 04/29/2024 12:00:00 PM
- Redfin Reports Home Prices Stagnate in Florida and Texas as Supply Soars • Business Wire • 04/25/2024 12:30:00 PM
- Redfin Reports Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising • Business Wire • 04/25/2024 12:00:00 PM
- Redfin to Announce First-Quarter 2024 Results on May 7, 2024 • Business Wire • 04/23/2024 08:00:00 PM
- Nearly 40% of Homeowners Couldn’t Afford Their Home If They Were to Buy It Today • Business Wire • 04/23/2024 12:30:00 PM
- Redfin Home Price Index: Price Growth Stabilizes in March, With Prices Up 0.6% From a Month Earlier • Business Wire • 04/23/2024 12:00:00 PM
- Redfin Reports the Typical U.S. Luxury Home Costs More Than Ever Before • Business Wire • 04/19/2024 12:00:00 PM
- Redfin Reports the Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5% • Business Wire • 04/18/2024 12:00:00 PM
- Redfin Report: Nearly Half of Biden Voters Want to Live in Place Where Weed Is Legal, Compared to Only 12% of Trump Voters • Business Wire • 04/18/2024 11:20:00 AM
- Redfin Survey: 70% of Florida Homeowners Have Seen Rise in Insurance Costs or Changes in Coverage • Business Wire • 04/17/2024 01:51:00 PM
- Redfin Reports Nearly 40% of Renters Think They’ll Never Own a Home, Up From 27% Last Year • Business Wire • 04/12/2024 12:00:00 PM
- Redfin Report: Monthly Payments Set New Record–And Buyers’ Costs Will Likely Stay High on Inflation News • Business Wire • 04/11/2024 03:58:00 PM
- Redfin Survey: Over One-Quarter of Recent Homebuyers Have No Idea How Much Their Agent Was Paid • Business Wire • 04/11/2024 12:30:00 PM
- Redfin Reports Nearly 20% of San Francisco Home Sellers Take a Loss on Their Sale, More Than Four Times the National Share • Business Wire • 04/10/2024 12:30:00 PM
- Redfin Reports Asking Rents Rose for the Third-Straight Month in March, Driven By the Midwest • Business Wire • 04/10/2024 12:00:00 PM
- Redfin Survey: Half of U.S. Homeowners and Renters Struggle to Afford Their Housing Payments • Business Wire • 04/05/2024 12:00:00 PM
- Redfin Reports Listings and Sales Stumble as Sellers and Buyers Take Easter Break • Business Wire • 04/04/2024 12:00:00 PM
- Redfin Survey: More Than Three-Quarters of Baby Boomers Plan to Stay In Their Home As They Grow Older • Business Wire • 04/02/2024 12:00:00 PM
- The Typical Homebuyer’s Down Payment Is $56,000, Up 24% From a Year Ago • Business Wire • 03/29/2024 12:00:00 PM
- Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High • Business Wire • 03/28/2024 12:00:00 PM
- First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago • Business Wire • 03/28/2024 11:30:00 AM
- Nepo-Homebuyers: More Than One-Third of Gen Z and Millennial Homebuyers Plan to Use Family Money For Down Payment • Business Wire • 03/27/2024 02:27:00 PM
- Redfin Reports The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home • Business Wire • 03/26/2024 12:00:00 PM
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