Redfin (NASDAQ:RDFN) Rating Lowered to “Sell” at The Goldman Sachs Group

Redfin (NASDAQ:RDFN) was downgraded by stock analysts at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research note issued on Monday, Marketbeat.com reports. They currently have a $6.50 target price on the stock, up from their previous target price of $6.00. The Goldman Sachs Group’s price target would suggest a potential downside of 19.95% from the company’s previous close.

RDFN has been the topic of a number of other research reports. Wedbush upped 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. Susquehanna upped their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. JPMorgan Chase & Co. upped their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Jefferies Financial Group upped their price target on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.98.

Redfin Stock Performance

RDFN stock opened at $8.12 on Monday. Redfin has a fifty-two week low of $5.10 and a fifty-two week high of $15.29. The business’s 50 day moving average price is $11.01 and its two-hundred day moving average price is $8.69. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -6.34 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter last year, the business earned ($0.17) EPS. Sell-side analysts forecast that Redfin will post -1.23 earnings per share for the current year.

Institutional Trading of Redfin

Institutional investors have recently added to or reduced their stakes in the business. Mather Group LLC. boosted its stake in Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the last quarter. Hollencrest Capital Management purchased a new stake in Redfin during the 3rd quarter valued at $25,000. Allspring Global Investments Holdings LLC boosted its stake in Redfin by 205.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares during the last quarter. Blue Trust Inc. boosted its stake in Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Redfin during the 3rd quarter valued at $47,000. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

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.