Redfin (NASDAQ:RDFN) Price Target Raised to $8.00

Redfin (NASDAQ:RDFN) had its price objective increased by JPMorgan Chase & Co. from $7.00 to $8.00 in a research note published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other analysts have also weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Jefferies Financial Group raised their target price on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. B. Riley lifted their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Susquehanna lifted 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. Finally, Wedbush lifted their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One investment analyst has 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 data from MarketBeat, Redfin presently has a consensus rating of “Hold” and a consensus target price of $9.23.

Redfin Price Performance

Shares of NASDAQ:RDFN opened at $8.37 on Tuesday. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.54 and a beta of 2.70. The company’s 50 day simple moving average is $11.12 and its 200 day simple moving average is $8.62.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, analysts anticipate that Redfin will post -1.21 EPS for the current fiscal year.

Insider Activity at Redfin

In other Redfin 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 value 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 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redfin

Several hedge funds and other institutional investors have recently bought and sold shares of RDFN. Allspring Global Investments Holdings LLC increased its stake in Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares in the last quarter. Swiss National Bank increased its position in shares of Redfin by 1.3% during the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after acquiring an additional 2,900 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Redfin during the first quarter worth about $298,000. ProShare Advisors LLC increased its position in shares of Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Entropy Technologies LP increased its position in shares of Redfin by 41.4% during the first quarter. Entropy Technologies LP now owns 80,912 shares of the company’s stock worth $538,000 after acquiring an additional 23,689 shares in the last quarter. 61.07% of the stock is 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.