Redfin Corp is a technology-driven real estate brokerage that aims to revolutionize the way people buy and sell homes
By leveraging sophisticated online tools and a user-friendly platform, Redfin provides comprehensive real estate services that include property listings, home searches, and market insights. The company employs a team of real estate agents who utilize data analytics to streamline the home buying and selling process, helping clients to make informed decisions. Additionally, Redfin offers unique features such as virtual tours and innovative pricing strategies to enhance the customer experience in an increasingly digital market.
Shares of real estate technology company Redfin (NASDAQRDFN)
fell 16% in the afternoon session after the company reported weak fourth quarter results as its EPS and EBITDA missed. Its revenue and EBITDA guidance for next quarter also fell short of Wall Street's estimates. Overall, this was a weaker quarter.
For the first quarter, the company projected revenue between $214 million and $225 million, while analysts, on average, expect it to post $243.7 million in revenue.
Real estate technology company Redfin (NASDAQRDFN) beat Wall Street’s revenue expectations in Q4 CY2024, with sales up 12% year on year to $244.3 million. On the other hand, next quarter’s revenue guidance of $219.5 million was less impressive, coming in 10.4% below analysts’ estimates. Its GAAP loss of $0.29 per share was 21% below analysts’ consensus estimates.
Homebuyers received some good news this week: Mortgage rates declined for a fifth week to their lowest level since last year and the median U.S. home-sale price rose by the smallest increase since last September.
As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the real estate services industry, including The Real Brokerage (NASDAQREAX) and its peers.
What a fantastic six months it’s been for Redfin. Shares of the company have skyrocketed 40.8%, hitting $8.35. This run-up might have investors contemplating their next move.
What has Wall Street been buzzing about this week? Here are the top 5 buy calls and the top 5 sell calls made by Wall Street's best analysts during the trading week of Nov. 18-22, 2024.
The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how real estate services stocks fared in Q3, starting with Redfin (NASDAQRDFN).
Shares of real estate technology company Redfin (NASDAQRDFN)
fell 5.7% in the afternoon session after Goldman Sachs analyst Michael Ng downgraded the stock's rating from Neutral to Sell. The analyst called out a series of concerns, including the downward pressure that a "lack of home affordability" could impose on the housing market's recovery. Other issues raised include RDFN's reduced take rate due to increased pressure from agent commissions and competition in the advertising business from Zillow.
