Brokerages Set Redfin Co. (NASDAQ:RDFN) Price Target at $8.98

Shares of Redfin Co. (NASDAQ:RDFN) have earned a consensus rating of “Hold” from the twelve ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $8.98.

A number of research analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and upped their target price for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a report on Tuesday, November 19th. Finally, Wedbush increased their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th.

Redfin Stock Down 1.8 %

RDFN opened at $9.49 on Friday. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29. The business has a 50 day moving average of $10.38 and a 200-day moving average of $8.79.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same period last year, the company earned ($0.17) earnings per share. Analysts forecast that Redfin will post -1.23 EPS for the current year.

Insiders Place Their Bets

In other news, insider Anthony Ray Kappus sold 8,417 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were 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 of the company’s stock, valued at approximately $252,714.54. This represents a 21.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate 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. Mather Group LLC. increased its stake in shares of Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Redfin in the third quarter valued at about $25,000. Blue Trust Inc. grew its position in Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after acquiring an additional 2,446 shares during the last quarter. Quest Partners LLC acquired a new position in Redfin during the third quarter worth about $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Redfin during the third quarter worth about $48,000. 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.