JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Redfin (NASDAQ:RDFN) Stock

Redfin (NASDAQ:RDFN) had its price target lifted by JPMorgan Chase & Co. from $7.00 to $8.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts have also recently weighed in on RDFN. Wedbush boosted their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. B. Riley boosted their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Jefferies Financial Group increased their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna lifted their price objective on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research note on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Redfin presently has a consensus rating of “Hold” and an average target price of $9.23.

Redfin Price Performance

Shares of Redfin stock opened at $9.35 on Tuesday. The firm has a 50 day simple moving average of $11.17 and a 200 day simple moving average of $8.60. Redfin has a fifty-two week low of $5.10 and a fifty-two week high of $15.29. The firm has a market cap of $1.16 billion, a P/E ratio of -7.30 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The firm had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same period in the prior year, the business earned ($0.17) earnings per share. On average, sell-side analysts expect that Redfin will post -1.15 EPS for the current year.

Insider Activity at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the transaction, the insider now directly owns 71,720 shares in the company, valued at approximately $663,410. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Redfin

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position 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 acquiring an additional 1,953,127 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Redfin by 210.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after purchasing an additional 740,759 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Redfin by 25.8% during the 1st 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. Charles Schwab Investment Management Inc. raised its stake in shares of Redfin by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock valued at $12,508,000 after purchasing an additional 92,023 shares during the period. Finally, Ensign Peak Advisors Inc bought a new stake in shares of Redfin in the second quarter valued at about $479,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.