Susquehanna Lowers Redfin (NASDAQ:RDFN) Price Target to $7.00

Redfin (NASDAQ:RDFN) had its price target lowered by Susquehanna from $8.00 to $7.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

RDFN has been the subject of several other research reports. Stephens upgraded Redfin from an equal weight rating to an overweight rating and upped their price objective for the company from $8.00 to $9.00 in a report on Wednesday, May 8th. DA Davidson restated a neutral rating and issued a $7.25 price objective on shares of Redfin in a report on Wednesday, July 3rd. Needham & Company LLC restated a hold rating on shares of Redfin in a report on Wednesday. Citigroup cut their price objective on Redfin from $8.00 to $7.00 and set a neutral rating for the company in a report on Wednesday, May 8th. Finally, Wedbush restated a neutral rating and issued a $8.00 price objective on shares of Redfin in a report on Wednesday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $7.18.

Redfin Stock Performance

Shares of NASDAQ:RDFN traded up $0.11 on Thursday, hitting $7.02. The company’s stock had a trading volume of 4,098,908 shares, compared to its average volume of 4,910,432. Redfin has a 12 month low of $4.26 and a 12 month high of $11.16. The company has a market capitalization of $838.69 million, a price-to-earnings ratio of -5.90 and a beta of 2.65. The stock’s 50-day moving average is $6.85 and its two-hundred day moving average is $6.77. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.33 and a current ratio of 1.33.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.03. The company had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.76%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.25) earnings per share. On average, equities research analysts forecast that Redfin will post -1.15 EPS for the current year.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total value of $25,278.72. Following the completion of the sale, the insider now directly owns 57,274 shares of the company’s stock, valued at approximately $398,627.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Redfin by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after purchasing an additional 1,953,127 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after purchasing an additional 445,486 shares during the last quarter. Trexquant Investment LP increased its position in Redfin by 208.8% in the 4th quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock worth $6,377,000 after purchasing an additional 417,811 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Redfin by 695.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock worth $2,113,000 after purchasing an additional 307,396 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Redfin in the 4th quarter worth about $1,741,000. 61.07% of the stock is owned by hedge funds and other 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.