Redfin (NASDAQ:RDFN) Price Target Raised to $7.25

Redfin (NASDAQ:RDFN) had its price objective raised by equities researchers at DA Davidson from $6.75 to $7.25 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. DA Davidson’s price objective points to a potential upside of 16.00% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Citigroup reduced their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Wednesday. Royal Bank of Canada reduced their price objective on Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $8.00 to $9.00 in a research report on Wednesday. Finally, Wedbush restated a “neutral” rating and issued a $8.00 price target on shares of Redfin in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.08.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $6.25 on Wednesday. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.66 and a quick ratio of 1.66. Redfin has a 1 year low of $4.26 and a 1 year high of $17.68. The firm has a fifty day moving average price of $6.12 and a 200-day moving average price of $7.15. The stock has a market cap of $746.69 million, a PE ratio of -5.34 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The business had revenue of $225.50 million during the quarter, compared to analyst estimates of $217.79 million. During the same quarter in the prior year, the business posted ($0.93) EPS. Redfin’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts anticipate that Redfin will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the transaction, the insider now owns 52,117 shares in the company, valued at $359,607.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Redfin news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the transaction, the insider now owns 52,117 shares in the company, valued at $359,607.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total transaction of $73,569.78. Following the transaction, the insider now owns 15,477 shares in the company, valued at approximately $104,934.06. The disclosure for this sale can be found here. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale bought a new position in shares of Redfin in the third quarter worth about $27,000. Allspring Global Investments Holdings LLC lifted its stake in Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares during the period. New York State Teachers Retirement System purchased a new stake in Redfin in the first quarter worth about $66,000. First Trust Direct Indexing L.P. purchased a new stake in Redfin in the first quarter worth about $72,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in Redfin in the third quarter worth about $82,000. 61.07% of the stock is currently owned by institutional investors.

Redfin Company Profile

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; and originates and sells mortgages.