Redfin (NASDAQ:RDFN) Upgraded by Piper Sandler to Neutral Rating

Piper Sandler upgraded shares of Redfin (NASDAQ:RDFN) from an underweight rating to a neutral rating in a research note issued to investors on Tuesday,Benzinga reports. Piper Sandler currently has $12.50 price objective on the stock, up from their previous price objective of $4.00.

RDFN has been the subject of several other research reports. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Susquehanna cut their price objective on Redfin from $10.00 to $7.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, February 19th. Citigroup cut their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and lifted their price objective for the company from $6.00 to $6.50 in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Redfin currently has a consensus rating of “Hold” and an average price target of $9.48.

Redfin Price Performance

Redfin stock opened at $9.76 on Tuesday. The company has a market capitalization of $1.23 billion, a PE ratio of -7.63 and a beta of 2.90. Redfin has a one year low of $5.10 and a one year high of $15.29. The business has a 50 day simple moving average of $7.92 and a 200 day simple moving average of $9.41.

Insider Activity

In related news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction on Monday, December 23rd. The stock was 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 $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors have recently made changes to their positions in the stock. Creative Planning grew its stake in shares of Redfin by 8.1% during the third quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after purchasing an additional 1,181 shares during the period. Cerity Partners LLC grew its stake in shares of Redfin by 3.3% during the fourth quarter. Cerity Partners LLC now owns 37,285 shares of the company’s stock worth $293,000 after purchasing an additional 1,189 shares during the period. Merit Financial Group LLC grew its stake in shares of Redfin by 10.7% during the fourth quarter. Merit Financial Group LLC now owns 15,848 shares of the company’s stock worth $125,000 after purchasing an additional 1,529 shares during the period. US Bancorp DE grew its stake in shares of 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 purchasing an additional 1,799 shares during the period. 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 owned by institutional investors and hedge funds.

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.