JPMorgan Chase & Co. Raises Redfin (NASDAQ:RDFN) Price Target to $12.50

Redfin (NASDAQ:RDFN) had its target price lifted by analysts at JPMorgan Chase & Co. from $7.00 to $12.50 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 19.27% from the company’s previous close.

RDFN has been the topic of a number of other research reports. Citigroup lowered their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. B. Riley downgraded Redfin from a “strong-buy” rating to a “hold” rating in a report on Monday, March 10th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Tuesday, March 11th. Gordon Haskett upgraded Redfin to a “hold” rating in a research note on Monday, March 10th. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price target on shares of Redfin in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.03.

Redfin Price Performance

RDFN stock opened at $10.48 on Monday. The company’s 50 day simple moving average is $8.57 and its 200-day simple moving average is $9.47. Redfin has a 12 month low of $5.10 and a 12 month high of $15.29. The firm has a market capitalization of $1.32 billion, a PE ratio of -8.19 and a beta of 2.90.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 16,209 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the sale, the insider now directly owns 74,616 shares of the company’s stock, valued at approximately $831,968.40. This represents a 17.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Redfin during the 4th quarter valued at about $27,000. Quest Partners LLC purchased a new stake in shares of Redfin during the third quarter valued at approximately $47,000. R Squared Ltd acquired a new position in shares of Redfin during the fourth quarter worth $33,000. US Bancorp DE lifted its position in shares of Redfin by 48.3% during the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after purchasing an additional 1,799 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Redfin by 76.3% in the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after purchasing an additional 2,520 shares during the period. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.