The Goldman Sachs Group Downgrades Redfin (NASDAQ:RDFN) to Sell

The Goldman Sachs Group downgraded shares of Redfin (NASDAQ:RDFN) from a neutral rating to a sell rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have $6.50 target price on the stock, up from their prior target price of $6.00.

Several other brokerages have also recently weighed in on RDFN. Susquehanna boosted 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. Jefferies Financial Group boosted their price objective on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Wedbush boosted their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. B. Riley boosted their price objective on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Two equities research 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. According to MarketBeat.com, Redfin currently has a consensus rating of “Hold” and an average target price of $8.98.

Redfin Trading Down 1.8 %

Shares of RDFN stock opened at $7.97 on Monday. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29. The stock’s 50-day moving average price is $10.96 and its 200-day moving average price is $8.68. The stock has a market capitalization of $988.12 million, a price-to-earnings ratio of -6.23 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The firm 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) earnings per share. As a group, research analysts predict that Redfin will post -1.23 EPS for the current fiscal year.

Institutional Trading of Redfin

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Redfin by 2.2% in the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock valued at $37,884,000 after purchasing an additional 66,018 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Redfin in the third quarter valued at approximately $174,000. XTX Topco Ltd purchased a new stake in shares of Redfin in the third quarter valued at approximately $455,000. Zacks Investment Management purchased a new stake in Redfin during the third quarter worth $2,108,000. Finally, Two Sigma Advisers LP lifted its holdings in Redfin by 124.9% during the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after buying an additional 1,193,900 shares during the period. 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.