Redfin (NASDAQ:RDFN) Upgraded to Strong-Buy at Zelman & Associates

Redfin (NASDAQ:RDFN) was upgraded by equities researchers at Zelman & Associates to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms also recently weighed in on RDFN. DA Davidson reissued a “neutral” rating and issued a $7.25 price target on shares of Redfin in a research note on Wednesday, February 19th. Piper Sandler reduced their price target on shares of Redfin from $7.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday. Citigroup reduced their price target on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group cut shares of Redfin from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. cut 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 Monday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.63.

Redfin Stock Performance

NASDAQ RDFN opened at $5.86 on Wednesday. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The company has a market capitalization of $740.64 million, a P/E ratio of -4.58 and a beta of 2.90. The company has a fifty day moving average of $7.94 and a 200-day moving average of $9.46.

Insider Transactions at Redfin

In related news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. Hennessy Advisors Inc. bought a new stake in Redfin during the 4th quarter valued at about $40,109,000. Two Sigma Advisers LP lifted its holdings in Redfin by 124.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock valued at $26,938,000 after buying an additional 1,193,900 shares in the last quarter. Tidal Investments LLC bought a new stake in Redfin during the 3rd quarter valued at about $10,650,000. BNP Paribas Financial Markets lifted its holdings in Redfin by 476.6% during the 3rd 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. Finally, JPMorgan Chase & Co. lifted its holdings in Redfin by 89.0% during the 4th quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company’s stock valued at $4,855,000 after buying an additional 290,545 shares in the last quarter. Institutional investors own 61.07% of the company’s stock.

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.