Wedbush Issues Positive Forecast for Redfin (NASDAQ:RDFN) Stock Price

Redfin (NASDAQ:RDFN) had its price target raised by investment analysts at Wedbush from $8.00 to $10.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Wedbush’s price objective suggests a potential upside of 5.04% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. B. Riley boosted their price objective on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Susquehanna lowered their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Jefferies Financial Group lifted their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. One equities research analyst has 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.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.83.

Redfin Price Performance

Redfin stock traded down $1.94 during trading hours on Friday, hitting $9.52. 8,168,985 shares of the stock traded hands, compared to its average volume of 5,524,929. The firm’s 50 day moving average price is $11.16 and its 200-day moving average price is $8.46. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -8.14 and a beta of 2.70. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29.

Redfin (NASDAQ:RDFN) last posted its earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.03. The company had revenue of $295.20 million for the quarter, compared to analyst estimates of $291.59 million. During the same period last year, the business earned ($0.25) earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. Research analysts forecast that Redfin will post -1.13 earnings per share for the current fiscal year.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the sale, the insider now owns 71,720 shares of the company’s stock, valued at $663,410. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after purchasing an additional 3,101 shares during the period. Swiss National Bank lifted its holdings in shares of Redfin by 1.3% in the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock valued at $1,513,000 after buying an additional 2,900 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Redfin during the first quarter valued at about $298,000. ProShare Advisors LLC grew its holdings in Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after acquiring an additional 1,766 shares during the period. Finally, Entropy Technologies LP grew its holdings in Redfin by 41.4% during the first quarter. Entropy Technologies LP now owns 80,912 shares of the company’s stock worth $538,000 after acquiring an additional 23,689 shares during the period. Institutional investors and hedge funds 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.