Citigroup Cuts Redfin (NASDAQ:RDFN) Price Target to $9.00

Redfin (NASDAQ:RDFN) had its price target trimmed by Citigroup from $10.50 to $9.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

RDFN has been the subject of a number of other research reports. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Tuesday, November 19th. JPMorgan Chase & Co. upped their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. B. Riley upped their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and upped their price target for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Finally, Susquehanna upped 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

NASDAQ:RDFN opened at $7.93 on Friday. The firm’s fifty day moving average is $9.15 and its two-hundred day moving average is $9.21. The firm has a market cap of $983.16 million, a price-to-earnings ratio of -6.20 and a beta of 2.64. Redfin has a one year low of $5.10 and a one year high of $15.29.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to analyst estimates of $280.21 million. During the same period in the prior year, the business posted ($0.17) EPS. As a group, equities research analysts predict that Redfin will post -1.25 earnings per share for the current fiscal year.

Insider Buying and Selling at Redfin

In other news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at $252,714.54. This represents a 21.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Institutional Trading of Redfin

Several hedge funds have recently made changes to their positions in RDFN. Bank of New York Mellon Corp grew its stake in shares of Redfin by 15.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock valued at $2,681,000 after buying an additional 59,689 shares during the period. Rhumbline Advisers boosted its position in shares of Redfin by 12.2% during the 2nd quarter. Rhumbline Advisers now owns 177,096 shares of the company’s stock worth $1,064,000 after purchasing an additional 19,229 shares during the period. Arizona State Retirement System boosted its position in shares of Redfin by 5.4% during the 2nd 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. Headlands Technologies LLC boosted its position in shares of Redfin by 61.8% during the 2nd quarter. Headlands Technologies LLC now owns 54,288 shares of the company’s stock worth $326,000 after purchasing an additional 20,737 shares during the period. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Redfin during the 2nd quarter worth approximately $108,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.