Redfin (NASDAQ:RDFN) Price Target Lowered to $9.00 at Citigroup

Redfin (NASDAQ:RDFN - Get Free Report) had its price objective dropped by stock analysts at Citigroup from $10.50 to $9.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's price objective suggests a potential upside of 13.49% from the stock's previous close.

Several other research analysts have also commented on the company. Susquehanna lifted their target price on Redfin from $7.00 to $10.00 and gave the stock a "neutral" rating in a research report on Monday, November 11th. The Goldman Sachs Group downgraded shares of Redfin from a "neutral" rating to a "sell" rating and lifted their price objective for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Jefferies Financial Group increased their target price on shares of Redfin from $7.50 to $11.50 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. DA Davidson reaffirmed a "neutral" rating and issued a $7.25 price target on shares of Redfin in a report on Tuesday, November 19th. Finally, Wedbush boosted their price objective on shares of Redfin from $8.00 to $10.00 and gave the company 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 company. Based on data from MarketBeat, Redfin has a consensus rating of "Hold" and a consensus price target of $9.16.

Redfin Stock Performance

Shares of RDFN stock traded up $0.14 during mid-day trading on Friday, reaching $7.93. 3,468,148 shares of the company were exchanged, compared to its average volume of 3,405,674. The company has a market capitalization of $983.16 million, a P/E ratio of -6.20 and a beta of 2.63. The business's 50 day simple moving average is $9.15 and its 200 day simple moving average is $9.16. Redfin has a fifty-two week low of $5.10 and a fifty-two week high of $15.29.

Redfin (NASDAQ:RDFN - Get Free Report) 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 firm had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, analysts forecast that Redfin will post -1.25 EPS for the current year.

Insider Activity

In other news, insider Anthony Ray Kappus sold 8,417 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares of the company's stock, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the sale, the insider now owns 73,466 shares in the company, valued at approximately $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Redfin

Several large investors have recently bought and sold shares of RDFN. Two Sigma Advisers LP lifted its stake in shares of Redfin by 124.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company's stock worth $26,938,000 after acquiring an additional 1,193,900 shares during the period. Tidal Investments LLC bought a new stake in Redfin during the third quarter worth approximately $10,650,000. Assenagon Asset Management S.A. lifted its position in Redfin by 210.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company's stock worth $13,687,000 after purchasing an additional 740,759 shares during the period. BNP Paribas Financial Markets boosted its stake in Redfin by 476.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company's stock valued at $10,018,000 after purchasing an additional 660,872 shares in the last quarter. Finally, Zacks Investment Management acquired a new position in shares of Redfin during the 3rd quarter valued at $2,108,000. 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.