Redfin (NASDAQ:RDFN) Earns Neutral Rating from DA Davidson

DA Davidson reiterated their neutral rating on shares of Redfin (NASDAQ:RDFN) in a research report released on Wednesday,Benzinga reports. They currently have a $7.25 price target on the stock.

Several other analysts have also weighed in on RDFN. Jefferies Financial Group upped their target price on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Wedbush upped their target price on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Susquehanna upped their target price on Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and upped their target price for the company from $6.00 to $6.50 in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. upped their target price on Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $9.16.

Redfin Price Performance

Redfin stock opened at $7.81 on Wednesday. Redfin has a 12 month low of $5.10 and a 12 month high of $15.29. The business has a 50 day simple moving average of $8.13 and a 200-day simple moving average of $9.44. The stock has a market capitalization of $968.04 million, a PE ratio of -6.10 and a beta of 2.66.

Insider Activity

In related news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the transaction, the insider now owns 73,466 shares in the company, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RDFN. Hennessy Advisors Inc. acquired a new position in shares of Redfin in the fourth quarter worth about $40,109,000. Two Sigma Advisers LP lifted its stake in shares of Redfin by 124.9% in the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after acquiring an additional 1,193,900 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Redfin in the third quarter worth about $10,650,000. Assenagon Asset Management S.A. lifted its stake in shares of Redfin by 210.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after acquiring an additional 740,759 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Redfin by 476.6% during the third quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after buying an additional 660,872 shares in the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

About Redfin

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.