Redfin (NASDAQ:RDFN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Redfin (NASDAQ:RDFN - Free Report) had its target price boosted by JPMorgan Chase & Co. from $7.00 to $12.50 in a research report sent to investors on Monday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the stock. B. Riley cut shares of Redfin from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 10th. DA Davidson restated a "neutral" rating and issued a $7.25 price target on shares of Redfin in a research report on Wednesday, February 19th. Citigroup cut their price objective on Redfin from $10.50 to $9.00 and set a "neutral" rating for the company in a research report on Friday, January 3rd. Zelman & Associates raised Redfin to a "strong-buy" rating in a research note on Wednesday, March 5th. Finally, Gordon Haskett raised Redfin to a "hold" rating in a research report on Monday, March 10th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Redfin currently has an average rating of "Hold" and an average target price of $10.03.

Redfin Stock Performance

Shares of RDFN stock traded down $0.30 during mid-day trading on Monday, hitting $10.48. 3,050,798 shares of the stock traded hands, compared to its average volume of 6,022,214. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -8.19 and a beta of 2.90. The company's 50-day simple moving average is $8.57 and its 200-day simple moving average is $9.47. Redfin has a twelve month low of $5.10 and a twelve month high of $15.29.

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Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $11.15, for a total value of $180,730.35. Following the transaction, the insider now owns 74,616 shares in the company, valued at approximately $831,968.40. This represents a 17.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Redfin

Several institutional investors and hedge funds have recently modified their holdings of RDFN. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Redfin during the fourth quarter worth $27,000. R Squared Ltd acquired a new position in Redfin in the 4th quarter worth about $33,000. US Bancorp DE raised its stake in shares of Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company's stock worth $43,000 after purchasing an additional 1,799 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company's stock valued at $46,000 after buying an additional 2,520 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Redfin in the 3rd quarter valued at approximately $47,000. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

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.