Redfin’s (RDFN) Neutral Rating Reaffirmed at DA Davidson

Redfin (NASDAQ:RDFN)‘s stock had its “neutral” rating reaffirmed by equities researchers at DA Davidson in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $7.25 price objective on the stock. DA Davidson’s target price indicates a potential downside of 17.99% from the stock’s current price.

Several other analysts also recently commented on the company. The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and upped their price objective for the company from $6.00 to $6.50 in a research note on Monday, November 18th. Citigroup cut their price target on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Wedbush increased their price target on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Susquehanna boosted their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

Shares of NASDAQ:RDFN opened at $8.84 on Wednesday. Redfin has a one year low of $5.10 and a one year high of $15.29. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -6.91 and a beta of 2.66. The company has a 50-day simple moving average of $8.18 and a 200-day simple moving average of $9.44.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the transaction, the insider now directly owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value of $70,955.31. Following the sale, the insider now owns 29,978 shares in the company, valued at approximately $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Redfin

A number of large investors have recently added to or reduced their stakes in RDFN. Hollencrest Capital Management acquired a new position in Redfin during the third quarter worth about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Redfin during the 4th quarter worth approximately $27,000. R Squared Ltd acquired a new position in shares of Redfin during the 4th quarter worth approximately $33,000. Blue Trust Inc. lifted its stake in Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after buying an additional 2,446 shares in the last quarter. Finally, US Bancorp DE grew its holdings in Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after buying an additional 1,799 shares during the last quarter. 61.07% of the stock is 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.