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

Redfin (NASDAQ:RDFN) had its price target cut by analysts at Citigroup from $10.50 to $9.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 13.49% from the company’s previous close.

RDFN has been the subject of several other reports. JPMorgan Chase & Co. raised their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Wedbush lifted their target price on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Susquehanna upped their price target on Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Jefferies Financial Group boosted their target price on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, DA Davidson restated a “neutral” rating and issued a $7.25 price target on shares of Redfin in a research report on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $9.16.

Redfin Price Performance

Shares of RDFN stock opened at $7.93 on Friday. The company’s fifty day moving average price is $9.15 and its two-hundred day moving average price is $9.18. The firm has a market capitalization of $983.16 million, a P/E ratio of -6.20 and a beta of 2.63. Redfin has a 12 month low of $5.10 and a 12 month high of $15.29.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same period in the prior year, the company earned ($0.17) earnings per share. On average, sell-side analysts anticipate that Redfin will post -1.25 EPS for the current year.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the 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 $620,053.04. This represents a 18.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value of $70,955.31. Following the sale, the insider now owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of Redfin by 15.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after buying an additional 59,689 shares during the period. Rhumbline Advisers boosted its stake in Redfin by 12.2% during the 2nd quarter. Rhumbline Advisers now owns 177,096 shares of the company’s stock valued at $1,064,000 after purchasing an additional 19,229 shares during the period. Arizona State Retirement System grew its holdings in Redfin by 5.4% in the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock valued at $201,000 after buying an additional 1,710 shares during the last quarter. Headlands Technologies LLC increased its position in Redfin by 61.8% in the 2nd quarter. Headlands Technologies LLC now owns 54,288 shares of the company’s stock worth $326,000 after buying an additional 20,737 shares during the period. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of Redfin in the second quarter valued at $108,000. 61.07% of the stock is owned by 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.