Redfin (NASDAQ:RDFN) Given New $12.50 Price Target at Royal Bank of Canada

Redfin (NASDAQ:RDFN - Free Report) had its target price raised by Royal Bank of Canada from $8.00 to $12.50 in a research note published on Tuesday morning, Marketbeat reports. The firm currently has a sector perform rating on the stock.

RDFN has been the topic of several other research reports. Piper Sandler upgraded shares of Redfin from an "underweight" rating to a "neutral" rating and raised their price target for the company from $4.00 to $12.50 in a research report on Tuesday, March 11th. Needham & Company LLC reissued a "hold" rating on shares of Redfin in a report on Tuesday, March 11th. DA Davidson restated a "neutral" rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday, February 19th. Gordon Haskett upgraded shares of Redfin to a "hold" rating in a report on Monday, March 10th. Finally, Zelman & Associates raised shares of Redfin to a "strong-buy" rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Redfin has a consensus rating of "Hold" and a consensus price target of $10.25.

Redfin Price Performance

Redfin stock traded down $0.13 during midday trading on Tuesday, reaching $8.44. The company's stock had a trading volume of 2,702,791 shares, compared to its average volume of 6,222,897. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The stock has a market capitalization of $1.08 billion, a P/E ratio of -6.59 and a beta of 2.56. The stock's 50-day simple moving average is $9.04 and its 200-day simple moving average is $9.07.

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the sale, the insider now directly owns 74,616 shares in the company, valued at $831,968.40. This represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Hennessy Advisors Inc. purchased a new position in Redfin in the 4th quarter valued at approximately $40,109,000. Geode Capital Management LLC boosted its holdings in Redfin by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company's stock valued at $24,243,000 after purchasing an additional 56,865 shares during the period. Two Sigma Advisers LP grew its stake in Redfin by 17.4% during the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company's stock worth $19,865,000 after purchasing an additional 374,200 shares in the last quarter. Northern Trust Corp increased its stake in shares of Redfin by 11.0% during the fourth quarter. Northern Trust Corp now owns 1,147,666 shares of the company's stock worth $9,032,000 after buying an additional 113,466 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Redfin by 2.4% in 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 acquiring an additional 23,621 shares in the last quarter. 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.