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

Redfin (NASDAQ:RDFN) had its price target decreased by Citigroup from $10.50 to $9.00 in a report published on Friday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on RDFN. The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and raised their price objective for the company from $6.00 to $6.50 in a report on Monday, November 18th. Jefferies Financial Group raised their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised 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. DA Davidson restated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a report on Tuesday, November 19th. Finally, B. Riley raised their price objective on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Up 1.8 %

Shares of RDFN stock opened at $7.93 on Friday. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29. The stock has a market capitalization of $983.16 million, a PE ratio of -6.20 and a beta of 2.64. The firm has a 50 day moving average of $9.15 and a two-hundred day moving average of $9.21.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 period in the previous year, the company earned ($0.17) earnings per share. Analysts expect that Redfin will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction dated Friday, November 22nd. The shares were 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 of the company’s stock, valued at $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their position. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Redfin

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning boosted its holdings in Redfin by 8.1% during the third quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after buying an additional 1,181 shares in the last quarter. Arizona State Retirement System boosted its holdings in Redfin by 5.4% during the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after buying an additional 1,710 shares in the last quarter. Hollencrest Capital Management purchased a new stake in Redfin during the third quarter worth about $25,000. Financial Advocates Investment Management boosted its holdings in Redfin by 21.6% during the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after buying an additional 2,100 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Redfin by 285.7% during the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after buying an additional 2,446 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.