Redfin (NASDAQ:RDFN) Lowered to “Sell” Rating by The Goldman Sachs Group

The Goldman Sachs Group cut shares of Redfin (NASDAQ:RDFN) from a neutral rating to a sell rating in a research note released on Monday, MarketBeat Ratings reports. The Goldman Sachs Group currently has $6.50 target price on the stock, up from their prior target price of $6.00.

A number of other brokerages also recently weighed in on RDFN. B. Riley boosted their target price on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Wedbush increased their price objective on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Finally, Jefferies Financial Group lifted their price objective on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.98.

Redfin Trading Up 2.1 %

NASDAQ:RDFN opened at $8.14 on Monday. The stock has a market capitalization of $1.01 billion, a P/E ratio of -6.36 and a beta of 2.70. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29. The firm has a 50 day moving average of $10.89 and a 200-day moving average of $8.68.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business 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 company posted ($0.17) earnings per share. As a group, analysts forecast that Redfin will post -1.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in shares of Redfin by 2.2% during the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after purchasing an additional 66,018 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Redfin during the 3rd quarter worth approximately $174,000. XTX Topco Ltd bought a new position in Redfin in the third quarter valued at approximately $455,000. Zacks Investment Management acquired a new position in shares of Redfin in the third quarter valued at approximately $2,108,000. Finally, Two Sigma Advisers LP increased its position in shares of Redfin by 124.9% during the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after acquiring an additional 1,193,900 shares in the last quarter. 61.07% of the stock is currently 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.