Citigroup Issues Pessimistic Forecast for Redfin (NASDAQ:RDFN) Stock Price

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

RDFN has been the topic of several other research reports. JPMorgan Chase & Co. raised their target price on Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Jefferies Financial Group upped their target price on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and raised their price target for the stock from $6.00 to $6.50 in a research note on Monday, November 18th. Susquehanna upped their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Wedbush raised their target price on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Redfin has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $7.93 on Friday. The firm has a fifty day moving average of $9.15 and a 200 day moving average of $9.16. The firm has a market cap of $983.16 million, a PE ratio of -6.20 and a beta of 2.63. Redfin has a one year low of $5.10 and a one year high of $15.29.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The firm 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 company earned ($0.17) earnings per share. On average, equities analysts predict that Redfin will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Anthony Ray Kappus sold 8,417 shares of the business’s 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 sale, the insider now directly owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. The trade was a 21.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the transaction, 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 position. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Institutional Trading of Redfin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in shares of Redfin in the third quarter valued at $25,000. Blue Trust Inc. boosted its holdings in Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after acquiring an additional 2,446 shares during the period. Quest Partners LLC acquired a new position in Redfin in the 3rd quarter valued at about $47,000. DekaBank Deutsche Girozentrale purchased a new stake in Redfin during the third quarter worth about $48,000. Finally, CWM LLC lifted its position in shares of Redfin by 45.6% during the third quarter. CWM LLC now owns 8,725 shares of the company’s stock worth $109,000 after purchasing an additional 2,734 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Redfin Company Profile

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.