Redfin (NASDAQ:RDFN) Given New $15.00 Price Target at B. Riley

Redfin (NASDAQ:RDFN) had its price objective increased by investment analysts at B. Riley from $13.00 to $15.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 19.52% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Susquehanna decreased their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $8.00 target price on shares of Redfin in a research report on Wednesday, August 7th. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $7.88.

Redfin Price Performance

RDFN opened at $12.55 on Monday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 295.91. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -10.55 and a beta of 2.66. The stock’s 50-day moving average price is $9.92 and its 200 day moving average price is $7.63. Redfin has a 12-month low of $4.26 and a 12-month high of $15.29.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.03. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The company had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. During the same quarter last year, the company posted ($0.25) EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts expect that Redfin will post -1.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now directly owns 71,720 shares in the company, valued at $663,410. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Redfin by 11.3% during the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after purchasing an additional 1,953,127 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of Redfin by 25.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after purchasing an additional 445,486 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Redfin by 15.4% in the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after purchasing an additional 59,689 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Redfin by 695.2% in the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock worth $2,113,000 after purchasing an additional 307,396 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Redfin by 1.3% in the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after purchasing an additional 2,900 shares in the last quarter. 61.07% of the stock is currently owned by hedge funds and other 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.