Redfin (NASDAQ:RDFN) Price Target Lowered to $9.00 at Citigroup

Redfin (NASDAQ:RDFN) had its price target dropped by investment analysts at Citigroup from $10.50 to $9.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 15.53% from the stock’s previous close.

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

Redfin Stock Performance

RDFN opened at $7.79 on Friday. The company has a market capitalization of $965.80 million, a P/E ratio of -6.09 and a beta of 2.63. The company has a 50-day moving average of $9.19 and a 200-day moving average of $9.15. Redfin has a 1-year low of $5.10 and a 1-year high of $15.29.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same quarter last year, the business earned ($0.17) earnings per share. As a group, sell-side analysts expect that Redfin will post -1.25 earnings per share for the current fiscal year.

Insider Transactions at Redfin

In other news, insider Anthony Ray Kappus sold 8,417 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares in the company, valued at approximately $252,714.54. This represents a 21.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the transaction, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. This represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RDFN. Two Sigma Advisers LP grew its holdings in Redfin by 124.9% in 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 during the last quarter. Tidal Investments LLC bought a new stake in shares of Redfin in the third quarter valued at approximately $10,650,000. Assenagon Asset Management S.A. grew 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 during the last quarter. BNP Paribas Financial Markets increased its position in Redfin by 476.6% during the third quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock worth $10,018,000 after acquiring an additional 660,872 shares during the period. Finally, Zacks Investment Management acquired a new position in Redfin during the 3rd quarter valued at $2,108,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.