Redfin is expected to release its earnings on Thursday, August 5th
Redfin Corporation (NASDAQ: RDFN) is a technology-driven real estate agent, homebuyer, lender, title insurer, and home improvement company based in the United States. RDFN operates one of the leading real estate agent sites in the country. Redfin serves more than 95 markets in the United States and Canada and employs over 4,100 people. This afternoon, RDFN was last traded 3.1% at $ 59.11.
Redfin stock is up about 31% year over year and RDFN is up 54% since hitting a 52-week low of $ 37.31 last November. However, RDFN’s shares are down 13% since the start of the year and have fallen 39% since hitting a record high of $ 98.44 in February.
On August 3, Redfin launched RedfinNow in Chicago, which allows home sellers to request a cash offer and sell directly to RedfinNow without repairing their homes or dealing with the pesky demos and open houses.
In addition to a new product announcement, RDFN is also expected to release the financial results for the second quarter of 2021 after the market closes. Redfin has exceeded Wall Street earnings expectations in three of the last four quarterly reports released. Now Wall Street expects Redfin to increase earnings quarter over quarter in the second quarter, but will remain in negative territory.
For the second quarter of 2020 in particular, RDFN beat analyst estimates by a margin of $ 0.15 and reported earnings per share (EPS) of $ -0.08. Redfin earnings per share rose into positive territory at $ 0.30 for the third quarter of 2020, beating expectations by $ 0.05. For the fourth quarter of 2020, RDFN saw earnings decline to $ 0.11 per share, but still beat estimates by $ 0.07. For the first quarter of 2021, Redfin reported a drop in earnings per share of $ -0.37, slightly missing expectations by $ 0.03.
Overall, Redfin shows strong potential as a growth company. At $ 936 million, the real estate company’s last 12-month sales just hit the $ 1 billion mark.
Meanwhile, calls are popular in the option pits. On the International Securities Exchange (ISE), the Cboe Options Exchange (CBOE) and the NASDAQ OMX PHLX (PHLX), the share’s 10-day call / put volume ratio of 4.26 is over 78% of last year’s values. In other words, calls are answered faster than usual.