Redfin (NASDAQ:RDFN - Free Report) had its price target cut by Piper Sandler from $7.00 to $4.00 in a research note published on Thursday morning,Benzinga reports. They currently have an underweight rating on the stock.
A number of other equities analysts have also recently issued reports on the company. The Goldman Sachs Group cut Redfin from a "neutral" rating to a "sell" rating and lifted their target price for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Susquehanna decreased their target price on Redfin from $10.00 to $7.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. DA Davidson restated a "neutral" rating and issued a $7.25 target price on shares of Redfin in a report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their target price on Redfin from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Finally, Wedbush lifted their target price on Redfin from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Redfin currently has an average rating of "Hold" and an average target price of $8.63.
Get Our Latest Analysis on Redfin
Redfin Price Performance
Shares of RDFN traded down $0.04 during midday trading on Thursday, reaching $5.82. The stock had a trading volume of 8,531,208 shares, compared to its average volume of 5,542,721. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29. The firm's 50 day moving average price is $7.84 and its 200-day moving average price is $9.41. The company has a market capitalization of $735.58 million, a P/E ratio of -4.55 and a beta of 2.90.
Insider Activity
In other news, insider Christian John Taubman sold 16,333 shares of the firm's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the transaction, the insider now owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Redfin
Hedge funds have recently bought and sold shares of the stock. Hennessy Advisors Inc. bought a new position in Redfin in the fourth quarter valued at approximately $40,109,000. Geode Capital Management LLC grew its stake in shares of Redfin by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company's stock worth $24,243,000 after purchasing an additional 56,865 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in Redfin by 17.4% in the fourth quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company's stock valued at $19,865,000 after buying an additional 374,200 shares during the period. Northern Trust Corp lifted its holdings in Redfin by 11.0% in the fourth quarter. Northern Trust Corp now owns 1,147,666 shares of the company's stock valued at $9,032,000 after buying an additional 113,466 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Redfin by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,021,905 shares of the company's stock valued at $8,042,000 after purchasing an additional 23,621 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.
About Redfin
(
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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.
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