DA Davidson Reaffirms Neutral Rating for Redfin (NASDAQ:RDFN)

Redfin (NASDAQ:RDFN - Get Free Report)'s stock had its "neutral" rating reiterated by investment analysts at DA Davidson in a report issued on Wednesday,Benzinga reports. They presently have a $7.25 price target on the stock. DA Davidson's price objective points to a potential downside of 7.15% from the stock's current price.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group increased their price target 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. increased their target price on shares of Redfin from $7.00 to $8.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 12th. Citigroup decreased their target price on shares of Redfin from $10.50 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, January 3rd. Susquehanna increased their target price on shares of Redfin from $7.00 to $10.00 and gave the stock a "neutral" rating in a research report on Monday, November 11th. Finally, Wedbush increased their target price on shares of Redfin from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $9.16.

Redfin Trading Down 9.6 %

Shares of Redfin stock traded down $0.83 during trading on Wednesday, hitting $7.81. 9,596,237 shares of the stock were exchanged, compared to its average volume of 4,936,320. The stock has a market capitalization of $968.04 million, a price-to-earnings ratio of -6.10 and a beta of 2.66. The company has a fifty day moving average price of $8.16 and a 200-day moving average price of $9.43. Redfin has a 1-year low of $5.10 and a 1-year high of $15.29.

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 shares were 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 owns 73,466 shares of the company's stock, valued at $620,053.04. This trade represents a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Redfin

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in Redfin by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company's stock worth $12,508,000 after buying an additional 92,023 shares during the last quarter. Tidal Investments LLC acquired a new stake in Redfin in the third quarter worth $10,650,000. Ballentine Partners LLC acquired a new stake in Redfin in the fourth quarter worth $81,000. Geode Capital Management LLC grew its holdings in Redfin by 2.2% in the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company's stock worth $37,884,000 after purchasing an additional 66,018 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Redfin by 476.6% in the third quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company's stock worth $10,018,000 after purchasing an additional 660,872 shares during the period. 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.