DA Davidson Reiterates “Neutral” Rating for Redfin (NASDAQ:RDFN)

Redfin (NASDAQ:RDFN)‘s stock had its “neutral” rating reaffirmed by DA Davidson in a report issued on Wednesday,Benzinga reports. They currently have a $7.25 price target on the stock. DA Davidson’s price objective suggests a potential downside of 17.99% from the company’s current price.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. Wedbush increased their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Citigroup reduced their price target on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and lifted their target price for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Finally, Susquehanna boosted their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.16.

Redfin Price Performance

RDFN opened at $8.84 on Wednesday. The company’s 50 day simple moving average is $8.18 and its two-hundred day simple moving average is $9.44. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -6.91 and a beta of 2.66. Redfin has a 1-year low of $5.10 and a 1-year high of $15.29.

Insiders Place Their Bets

In related news, insider Christian John Taubman sold 16,333 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the transaction, the insider now owns 73,466 shares of the company’s stock, valued at $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction dated Friday, November 22nd. The stock was 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 $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redfin

Several institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new position in Redfin in the third quarter valued at approximately $25,000. Blue Trust Inc. boosted its holdings in shares of Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after buying an additional 2,446 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Redfin in the 4th quarter valued at $27,000. Quest Partners LLC acquired a new stake in Redfin during the 3rd quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Redfin in the third quarter valued at $48,000. 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.