Streetbeat News

RDFN

Redfin Corporation

https://www.redfin.com

Industry

Real Estate - Services

Redfin Corporation operates as a residential real estate brokerage company in the United States and Canada. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in the purchase or sell of home. It also provides title and settlement services; originates and sells mortgages; and buys and sells homes. The company was formerly known as Appliance Computing Inc. and changed its name to Redfin Corporation in May 2006. Redfin Corporation was incorporated in 2002 and is headquartered in Seattle, Washington.

Open

10.20

Mkt cap

1.2B

Volume

18M

High

10.50

P/E Ratio

-8.34

52-wk high

15.29

Low

9.28

Div yield

N/A

52-wk low

5.10

Real estate stocks, including Opendoor Technologies Inc. (OPEN), Zillow Group Inc. (ZG), and Redfin Corp. (RDFN), are experiencing a surge as the 10-year Treasury yield falls below 4%. Opendoor received an analyst upgrade from Keefe, Bruyette & Woods Inc., changing its rating from Underperform to Market Perform and increasing its price target from $1.65 to $3.50 per share. Zillow and Redfin also saw significant gains, with Zillow's stock price increasing by 8.84% on Wednesday and continuing to rise by 6.8% in early Thursday trading, while Redfin's shares went up nearly 15% in the same period. The drop in Treasury yields is attributed to traders expecting Federal Reserve rate cuts in 2024.

Portfolio Pulse from Chris Bibey

December 14, 2023 | 9:12 pm

Jabil Inc. reported Q1 earnings with revenue of $8.39 billion, surpassing estimates, and an adjusted EPS of $2.60, causing its shares to rise by 5%. Other stocks also saw gains, including Redfin, Sunnova Energy, Wayfair, Sunrun, Moderna, Pacific Biosciences, Alector, Opendoor Technologies, Enphase Energy, Align Technology, Gold Fields, Alcoa, First Solar, Lucid Group, Citizens Financial Group, Rivian Automotive, Pool Corporation, RH, Regions Financial Corporation, and The Carlyle Group. Moderna's stock climbed after announcing positive study data with Merck, while Pacific Biosciences was initiated with an Overweight rating by Stephens & Co. Alector received an upgrade from Stifel, and Align Technology got an updated license from Health Canada. Alcoa was approved for continued mining, and Rivian signed a deal with AT&T.

Portfolio Pulse from Avi Kapoor

December 14, 2023 | 3:15 pm

There was a notable options trade for Redfin Corporation where a sweep of 1,391 call options for a January 5th expiration with a $9 strike price was executed near the ask price at $0.25 each. This is compared to an open interest of 249 for the same option, indicating a significant increase in trading volume. The underlying stock reference price at the time was $7.94.

Portfolio Pulse from Charles Gross

December 13, 2023 | 7:28 pm

Redfin has introduced Redfin Redesign, an AI-powered tool developed in partnership with Roomvo and Bright MLS. This tool allows potential buyers to virtually alter the interiors of listed properties and visualize the changes with before-and-after comparisons. The new feature aims to enhance the home buying experience by providing a more interactive way to view properties.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 5:31 pm

Experts predict a decline in home prices due to a significant slowdown in housing activity, influenced by the Federal Reserve's anti-inflation measures leading to high mortgage rates. Mark Zandi of Moody's and Glenn Kelman of Redfin foresee a potential drop in prices, with Zandi not expecting a market recovery until 2025 or 2026. Kelman notes an increase in housing inventory and price adjustments, suggesting a possible spur in sales. ETFs like iShares U.S. Real Estate ETF and Vanguard Real Estate ETF, and stocks such as Zillow Group, Inc (Z), Redfin Corporation (RDFN), Anywhere Real Estate Inc. (HOUS), and RE/MAX Holdings, Inc. (RMAX) offer investment opportunities in the real estate sector.

Portfolio Pulse from Bibhu Pattnaik

November 25, 2023 | 7:57 pm

A Realtor.com study shows that the average down payment for homes in the U.S. decreased to 13.8% in 2023 from 14.7% in 2022. California cities lead with the highest median down payments, with San Jose-Sunnyvale-Santa Clara at the top with $235,183. Freddie Mac notes PMI costs $30-$70 per month per $100,000 borrowed. Redfin Corp., Zillow Group, Inc., Anywhere Real Estate Inc., and RE/MAX Holdings, Inc. are key players in the real estate market. ETFs like iShares U.S. Real Estate ETF and Real Estate Select Sector SPDR Fund offer diversified exposure to the sector.

Portfolio Pulse from Bibhu Pattnaik

November 19, 2023 | 7:11 pm

The housing market is showing slight signs of recovery, with top-income earners buying homes and sellers offering concessions. Redfin Corp reports an increase in mortgage applications by 2.5% this week. High-income buyers are active, with the average income of homebuyers at $107,000. Despite a pause in Fed rate hikes, high mortgage rates persist, affecting the housing market. Beazer Homes USA is set to release earnings with high expectations after a 30% stock increase in the past month. Home Depot reported strong earnings, boosting construction and home builder stocks.

Portfolio Pulse from Natan Ponieman

November 16, 2023 | 8:16 pm

Lawyers who won a $1.8 billion lawsuit against the National Association of Realtors have filed a new suit for anyone who has sold a home over the last 5 years. The lawsuit alleges that Americans have paid $60 billion in extra real estate commissions. This could potentially change the way realtors are compensated and comes at a fragile time for the real estate market.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 6:02 pm

Piper Sandler analyst Thomas Champion maintains an Underweight rating on Redfin (NASDAQ:RDFN) and lowers the price target from $6 to $4.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 3:43 pm

RBC Capital analyst Brad Erickson has maintained a 'Sector Perform' rating on Redfin (NASDAQ:RDFN) but lowered the price target from $10 to $7.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 7:20 pm

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