Redfin (NASDAQ:RDFN) Upgraded to Neutral at Piper Sandler

Redfin (NASDAQ:RDFN) was upgraded by Piper Sandler from an “underweight” rating to a “neutral” rating in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a $12.50 price objective on the stock, up from their prior price objective of $4.00. Piper Sandler’s price objective indicates a potential upside of 20.42% from the company’s current price.

RDFN has been the topic of a number of other reports. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a report on Tuesday. Susquehanna reduced their price target on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. 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 report on Friday, January 3rd. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and lifted their price target for the company from $6.00 to $6.50 in a report on Monday, November 18th. Finally, Zelman & Associates upgraded shares of Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.48.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $10.38 on Tuesday. The company has a market cap of $1.31 billion, a P/E ratio of -8.11 and a beta of 2.90. The firm’s fifty day moving average is $7.97 and its two-hundred day moving average is $9.42. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29.

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the business’s 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 completion of the sale, the insider now directly owns 73,466 shares of the company’s stock, valued at $620,053.04. The trade was a 18.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Redfin

Several large investors have recently added to or reduced their stakes in RDFN. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Redfin in the 4th quarter valued at about $27,000. R Squared Ltd purchased a new stake in Redfin in the 4th quarter valued at about $33,000. US Bancorp DE lifted its position in shares of Redfin by 48.3% in the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after purchasing an additional 1,799 shares during the period. Blue Trust Inc. lifted its position in shares of Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after purchasing an additional 2,520 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Redfin in the 3rd quarter worth approximately $47,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.