Redfin (NASDAQ:RDFN) Given New $9.00 Price Target at Citigroup

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

A number of other brokerages have also recently commented on RDFN. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 price target on shares of Redfin in a research note on Tuesday, November 19th. Susquehanna lifted their price target on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Jefferies Financial Group raised 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. B. Riley boosted their target price on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and raised their price target for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Two 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. According to MarketBeat, Redfin has a consensus rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Up 1.8 %

RDFN stock opened at $7.93 on Friday. Redfin has a twelve month low of $5.10 and a twelve month high of $15.29. The company has a market cap of $983.16 million, a P/E ratio of -6.20 and a beta of 2.63. The business has a fifty day moving average of $9.15 and a 200-day moving average of $9.18.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data 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 analysts’ expectations of $280.21 million. During the same period in the prior year, the company earned ($0.17) earnings per share. As a group, equities research analysts anticipate that Redfin will post -1.25 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were 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 in the company, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christian John Taubman sold 16,333 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the transaction, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. This represents a 18.19 % 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 insiders.

Hedge Funds Weigh In On Redfin

A number of large investors have recently made changes to their positions in the company. Creative Planning boosted its position in shares of Redfin by 8.1% in the third quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after acquiring an additional 1,181 shares during the period. Arizona State Retirement System increased 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 worth $201,000 after purchasing an additional 1,710 shares during the period. Hollencrest Capital Management acquired a new position in Redfin in the third quarter valued at about $25,000. Financial Advocates Investment Management lifted its position in Redfin by 21.6% during the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after purchasing an additional 2,100 shares during the period. Finally, Blue Trust Inc. grew its stake in Redfin by 285.7% during the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after buying an additional 2,446 shares in the last quarter. 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.