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

Redfin (NASDAQ:RDFN) had its price objective raised by analysts at JPMorgan Chase & Co. from $7.00 to $8.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 8.99% from the company’s current price.

RDFN has been the topic of a number of other research reports. B. Riley upped their price target on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Wedbush upped their price objective on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Susquehanna upped their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday. Finally, Jefferies Financial Group upped their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Redfin presently has a consensus rating of “Hold” and an average target price of $9.23.

Redfin Stock Down 6.0 %

Shares of Redfin stock opened at $8.79 on Tuesday. Redfin has a twelve month low of $5.10 and a twelve month high of $15.29. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -6.87 and a beta of 2.70. The company’s fifty day moving average is $11.15 and its 200 day moving average is $8.60.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data 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 company had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same quarter last year, the company posted ($0.17) earnings per share. As a group, equities analysts anticipate that Redfin will post -1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the sale, the insider now owns 71,720 shares in the company, valued at $663,410. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Redfin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Redfin by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock valued at $127,623,000 after buying an additional 1,953,127 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in 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 buying an additional 445,486 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Redfin by 210.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock valued at $13,687,000 after buying an additional 740,759 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Redfin by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock valued at $12,508,000 after buying an additional 92,023 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Redfin by 476.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after buying an additional 660,872 shares during the last quarter. Hedge funds and other institutional investors 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.