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

Redfin (NASDAQ:RDFN) had its price objective trimmed by Citigroup from $10.50 to $9.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research analysts also recently commented on RDFN. B. Riley raised their target price 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. Jefferies Financial Group lifted 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. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and upped their target price for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Wedbush lifted their price target on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Susquehanna upped their price objective on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.16.

Redfin Stock Performance

Redfin stock opened at $7.93 on Friday. The company has a market capitalization of $983.16 million, a PE ratio of -6.20 and a beta of 2.63. The company has a 50 day moving average price of $9.15 and a 200-day moving average price of $9.16. Redfin has a fifty-two week low of $5.10 and a fifty-two week high of $15.29.

Redfin (NASDAQ:RDFN) last issued 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 business had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same period last year, the company earned ($0.17) EPS. On average, analysts forecast that Redfin will post -1.25 earnings per share for the current year.

Insider Activity

In related news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

Institutional investors and hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new stake in shares of Redfin in the third quarter worth $25,000. Blue Trust Inc. lifted its holdings in Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after acquiring an additional 2,446 shares during the period. Quest Partners LLC purchased a new stake in Redfin in the 3rd quarter worth approximately $47,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Redfin during the 3rd quarter worth approximately $48,000. Finally, Algert Global LLC purchased a new position in shares of Redfin during the 2nd quarter valued at approximately $72,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.