Jefferies Financial Group Increases Redfin (NASDAQ:RDFN) Price Target to $11.50

Redfin (NASDAQ:RDFN) had its target price hoisted by research analysts at Jefferies Financial Group from $7.50 to $11.50 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 12.97% from the company’s current price.

Several other research firms have also issued reports on RDFN. DA Davidson reissued a “neutral” rating and set a $7.25 target price on shares of Redfin in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. dropped their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Susquehanna reduced their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Finally, B. Riley increased their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.20.

Redfin Stock Performance

NASDAQ RDFN opened at $10.18 on Tuesday. Redfin has a one year low of $4.26 and a one year high of $15.29. The business has a fifty day moving average price of $10.92 and a 200 day moving average price of $8.11. The company has a market cap of $1.24 billion, a P/E ratio of -8.97 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.03. The business had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.25) earnings per share. As a group, sell-side analysts predict that Redfin will post -1.13 EPS for the current fiscal year.

Insider Activity at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the sale, the insider now owns 71,720 shares of the company’s stock, valued at approximately $663,410. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Redfin

Several hedge funds have recently made changes to their positions in RDFN. Vanguard Group Inc. grew its stake in Redfin by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after buying an additional 1,953,127 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Redfin by 210.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after acquiring an additional 740,759 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after acquiring an additional 445,486 shares during the period. Manchester Capital Management LLC increased its holdings in shares of Redfin by 135.7% in the 1st quarter. Manchester Capital Management LLC now owns 144,118 shares of the company’s stock valued at $958,000 after acquiring an additional 82,965 shares during the period. Finally, Ensign Peak Advisors Inc purchased a new stake in Redfin in the 2nd quarter valued at $479,000. Hedge funds and other 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.