JPMorgan Chase & Co. Lowers Redfin (NASDAQ:RDFN) Price Target to $7.00

Redfin (NASDAQ:RDFN) had its price objective lowered by JPMorgan Chase & Co. from $8.00 to $7.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Susquehanna raised their price target on Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. DA Davidson reaffirmed a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Wednesday, February 19th. Wedbush raised their price target on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Citigroup dropped their price target on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and raised their price target for the company from $6.00 to $6.50 in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Redfin currently has an average rating of “Hold” and a consensus target price of $9.14.

Redfin Trading Up 0.8 %

Shares of RDFN opened at $6.40 on Monday. The stock has a 50 day simple moving average of $7.98 and a 200-day simple moving average of $9.48. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29. The stock has a market cap of $808.89 million, a PE ratio of -5.00 and a beta of 2.90.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 16,333 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the transaction, the insider now directly owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hollencrest Capital Management bought a new position in shares of Redfin in the 3rd quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Redfin during the fourth quarter worth about $27,000. R Squared Ltd bought a new position in Redfin during the fourth quarter worth about $33,000. US Bancorp DE lifted its holdings in 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 acquiring an additional 1,799 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Redfin by 76.3% during the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after acquiring an additional 2,520 shares in the last quarter. 61.07% of the stock is currently owned by institutional investors.

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.