Zelman & Associates Upgrades Redfin (NASDAQ:RDFN) to “Strong-Buy”

Redfin (NASDAQ:RDFN) was upgraded by analysts at Zelman & Associates to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Susquehanna cut their price target on Redfin from $10.00 to $7.00 and set a “neutral” rating for the company in a research note on Monday. Citigroup cut their price target on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Piper Sandler cut their price target on Redfin from $7.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Wedbush lifted their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.63.

Redfin Stock Down 8.4 %

NASDAQ:RDFN opened at $5.86 on Wednesday. The company has a market capitalization of $740.64 million, a PE ratio of -4.58 and a beta of 2.90. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The stock has a fifty day simple moving average of $7.94 and a 200-day simple moving average of $9.46.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The stock was 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. The trade was a 18.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is owned by company insiders.

Institutional Trading of Redfin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in Redfin by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock valued at $12,508,000 after buying an additional 92,023 shares during the period. Tidal Investments LLC acquired a new position in shares of Redfin in the 3rd quarter valued at about $10,650,000. Ballentine Partners LLC acquired a new position in shares of Redfin in the 4th quarter valued at about $81,000. Geode Capital Management LLC lifted its stake in shares of Redfin by 2.2% in the 3rd 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 in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Redfin by 476.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after purchasing an additional 660,872 shares in the last quarter. 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.