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

The Goldman Sachs Group cut shares of Redfin (NASDAQ:RDFN) from a neutral rating to a sell rating in a report published on Monday, Marketbeat reports. The firm currently has $6.50 price target on the stock, up from their previous price target of $6.00.

A number of other analysts have also commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. B. Riley lifted their target price on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. JPMorgan Chase & Co. lifted 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. Wedbush lifted 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. Finally, Jefferies Financial Group lifted their target price on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.98.

Redfin Stock Down 1.8 %

Redfin stock opened at $7.97 on Monday. The company has a market capitalization of $988.12 million, a P/E ratio of -6.23 and a beta of 2.70. The stock’s 50 day moving average is $10.96 and its 200 day moving average is $8.68. Redfin has a twelve month low of $5.10 and a twelve month high of $15.29.

Redfin (NASDAQ:RDFN) last posted its quarterly 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 company had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. As a group, equities analysts expect that Redfin will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Redfin

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning lifted its position in Redfin by 8.1% during the third quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after purchasing an additional 1,181 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Redfin by 5.4% in the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock valued at $201,000 after acquiring an additional 1,710 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Redfin by 9.8% in the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock valued at $132,000 after acquiring an additional 1,766 shares in the last quarter. Hollencrest Capital Management purchased a new position in shares of Redfin in the third quarter valued at about $25,000. Finally, Financial Advocates Investment Management lifted its position in shares of Redfin by 21.6% in the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock valued at $148,000 after acquiring an additional 2,100 shares in the last quarter. 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.