Wedbush Boosts Redfin (NASDAQ:RDFN) Price Target to $10.00

Redfin (NASDAQ:RDFN) had its price target hoisted by Wedbush from $8.00 to $10.00 in a research note issued to investors on Friday, Marketbeat.com reports. The firm currently has a neutral rating on the stock.

Several other research firms have also issued reports on RDFN. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. B. Riley boosted their target price on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Jefferies Financial Group boosted their target price 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 cut their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.83.

Redfin Trading Down 15.6 %

Redfin stock traded down $1.79 during trading on Friday, hitting $9.67. 17,971,771 shares of the company were exchanged, compared to its average volume of 5,569,940. The business’s 50 day moving average is $11.17 and its 200 day moving average is $8.49. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29. The company has a market capitalization of $1.18 billion, a P/E ratio of -8.26 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million for the quarter, compared to analysts’ expectations of $291.59 million. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.25) earnings per share. Equities analysts expect that Redfin will post -1.13 EPS for the current year.

Insider Transactions at Redfin

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RDFN. Vanguard Group Inc. raised its position in shares of Redfin by 11.3% in the 1st 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. Jacobs Levy Equity Management Inc. grew its position in shares of Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after buying an additional 445,486 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Redfin by 210.7% in the 3rd 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. Bank of New York Mellon Corp lifted its position in Redfin by 15.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock valued at $2,681,000 after acquiring an additional 59,689 shares during the period. Finally, Swiss National Bank grew its holdings in Redfin by 1.3% in the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after purchasing an additional 2,900 shares during the period. 61.07% of the stock is currently owned by 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.