Redfin (NASDAQ:RDFN) Price Target Lowered to $7.00 at Citigroup

Redfin (NASDAQ:RDFN) had its target price trimmed by Citigroup from $8.00 to $7.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms have also recently issued reports on RDFN. Gordon Haskett cut shares of Redfin from a hold rating to an underperform rating and set a $5.50 price target for the company. in a report on Thursday, February 29th. Stephens upgraded shares of Redfin from an equal weight rating to an overweight rating and increased their target price for the company from $8.00 to $9.00 in a research note on Wednesday. Needham & Company LLC reiterated a hold rating on shares of Redfin in a research note on Wednesday. Wedbush reiterated a neutral rating and issued a $8.00 target price on shares of Redfin in a research note on Wednesday, February 28th. Finally, Royal Bank of Canada cut their price target on shares of Redfin from $10.00 to $9.00 and set a sector perform rating for the company in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $8.08.

Redfin Stock Up 8.6 %

NASDAQ:RDFN traded up $0.54 during trading hours on Wednesday, reaching $6.79. The company’s stock had a trading volume of 1,763,352 shares, compared to its average volume of 5,155,774. The company has a market cap of $811.20 million, a price-to-earnings ratio of -5.76 and a beta of 2.68. Redfin has a one year low of $4.26 and a one year high of $17.68. The business’s 50-day moving average is $6.12 and its 200-day moving average is $7.15. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.66 and a quick ratio of 1.66.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The company had revenue of $225.50 million during the quarter, compared to analysts’ expectations of $217.79 million. During the same period in the prior year, the company earned ($0.93) earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities research analysts predict that Redfin will post -1.31 EPS for the current year.

Insider Buying and Selling at Redfin

In other news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $6.90, for a total value of $54,620.40. Following the transaction, the insider now directly owns 52,117 shares of the company’s stock, valued at approximately $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $6.90, for a total value of $54,620.40. Following the transaction, the insider now directly owns 52,117 shares of the company’s stock, valued at approximately $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the transaction, the insider now directly owns 15,477 shares in the company, valued at $104,934.06. The disclosure for this sale can be found here. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Redfin

Institutional investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale bought a new position in Redfin during the third quarter valued at $27,000. Allspring Global Investments Holdings LLC grew its holdings in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares during the period. Tower Research Capital LLC TRC grew its holdings in Redfin by 101.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,864 shares of the company’s stock valued at $91,000 after purchasing an additional 4,474 shares during the period. New York State Teachers Retirement System bought a new position in Redfin during the first quarter valued at $66,000. Finally, First Trust Direct Indexing L.P. bought a new position in Redfin during the first quarter valued at $72,000. 61.07% of the stock is 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.