JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Redfin (NASDAQ:RDFN) Stock

Redfin (NASDAQ:RDFN) had its target price lifted by research analysts at JPMorgan Chase & Co. from $7.00 to $12.50 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.27% from the company’s current price.

Other research analysts have also issued reports about the stock. Susquehanna decreased their price objective on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. DA Davidson reissued a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a report on Wednesday, February 19th. Citigroup reduced their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Gordon Haskett upgraded Redfin to a “hold” rating in a report on Monday, March 10th. Finally, B. Riley cut Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.03.

Redfin Trading Down 2.8 %

Redfin stock opened at $10.48 on Monday. The stock has a 50 day moving average of $8.57 and a 200-day moving average of $9.47. The stock has a market cap of $1.32 billion, a P/E ratio of -8.19 and a beta of 2.90. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $11.15, for a total value of $180,730.35. Following the sale, the insider now owns 74,616 shares in the company, valued at approximately $831,968.40. This trade represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by company insiders.

Institutional Trading of Redfin

Several large investors have recently added to or reduced their stakes in RDFN. Point72 Asia Singapore Pte. Ltd. acquired a new position in Redfin during the 4th quarter worth $27,000. Quest Partners LLC bought a new stake in shares of Redfin during the third quarter valued at about $47,000. R Squared Ltd bought a new position in Redfin in the 4th quarter valued at about $33,000. US Bancorp DE increased its stake in Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after buying an additional 1,799 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Redfin by 76.3% during the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after buying an additional 2,520 shares in the last quarter. 61.07% of the stock is currently 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.