Fintel reports that on September 26, 2023, Gordon Haskett upgraded their outlook for Redfin (NASDAQ:RDFN) from Underperform to Hold.

Analyst Price Forecast Suggests 31.35% Upside

As of August 31, 2023, the average one-year price target for Redfin is 9.13. The forecasts range from a low of 4.29 to a high of $12.08. The average price target represents an increase of 31.35% from its latest reported closing price of 6.95.

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The projected annual revenue for Redfin is 1,156MM, a decrease of 47.51%. The projected annual non-GAAP EPS is -1.63.

What is the Fund Sentiment?

There are 400 funds or institutions reporting positions in Redfin. This is an increase of 22 owner(s) or 5.82% in the last quarter. Average portfolio weight of all funds dedicated to RDFN is 0.08%, an increase of 39.98%. Total shares owned by institutions increased in the last three months by 2.49% to 92,585K shares. The put/call ratio of RDFN is 1.56, indicating a bearish outlook.

What are Other Shareholders Doing?

Bares Capital Management holds 17,323K shares representing 15.20% ownership of the company. In it’s prior filing, the firm reported owning 18,074K shares, representing a decrease of 4.33%. The firm increased its portfolio allocation in RDFN by 28.36% over the last quarter.

Baillie Gifford holds 8,699K shares representing 7.63% ownership of the company. In it’s prior filing, the firm reported owning 9,120K shares, representing a decrease of 4.85%. The firm increased its portfolio allocation in RDFN by 230.07% over the last quarter.

VWUSX – Vanguard U.S. Growth Fund Investor Shares holds 4,449K shares representing 3.90% ownership of the company. No change in the last quarter.

VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 3,954K shares representing 3.47% ownership of the company. In it’s prior filing, the firm reported owning 3,997K shares, representing a decrease of 1.09%. The firm increased its portfolio allocation in RDFN by 9.18% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,244K shares representing 2.85% ownership of the company. No change in the last quarter.

Redfin Background Information
(This description is provided by the company.)

Redfin is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. The Company sells homes for more money and charge half the fee. It also runs the country’s #1 real-estate brokerage site. Its home-buying customers see homes first with on-demand tours, and its lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have its renovations crew fix up their home to sell for top dollar. Since launching in 2006, Redfin has saved customers nearly $1 billion in commissions. It serves more than 95 markets across the U.S. and Canada and employ over 4,100 people.

This article originally appeared on Fintel

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