Redfin (NASDAQ:RDFN) Stock Rating Lowered by The Goldman Sachs Group

Redfin (NASDAQ:RDFN) was downgraded by stock analysts at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They presently have a $6.50 price objective on the stock, up from their previous price objective of $6.00. The Goldman Sachs Group’s price objective would indicate a potential downside of 22.34% from the stock’s previous close.

Several other analysts also recently commented on the stock. Jefferies Financial Group upped 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. Wedbush upped their price objective on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. B. Riley upped 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. JPMorgan Chase & Co. increased their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Finally, Susquehanna increased their price target on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $8.98.

Redfin Trading Down 3.9 %

NASDAQ:RDFN opened at $8.37 on Monday. The company has a market cap of $1.04 billion, a PE ratio of -6.54 and a beta of 2.70. Redfin has a twelve month low of $5.10 and a twelve month high of $15.29. The company’s 50 day moving average is $11.12 and its two-hundred day moving average is $8.66.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share 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 quarter in the previous year, the company posted ($0.17) earnings per share. As a group, analysts expect that Redfin will post -1.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated 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 transaction, the insider now owns 71,720 shares of the company’s stock, valued at $663,410. This trade represents a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new position in shares of Redfin in the third quarter worth $25,000. Blue Trust Inc. raised its position 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 purchasing an additional 2,446 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Redfin during the third quarter worth about $47,000. Mather Group LLC. grew its position in shares of Redfin by 282.1% during the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after buying an additional 2,821 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Redfin during the third quarter worth about $48,000. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.