Royal Bank of Canada Issues Positive Forecast for Redfin (NASDAQ:RDFN) Stock Price

Redfin (NASDAQ:RDFN) had its target price boosted by stock analysts at Royal Bank of Canada from $8.00 to $12.50 in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 45.86% from the company’s previous close.

RDFN has been the subject of a number of other research reports. DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Wednesday, February 19th. B. Riley downgraded shares of Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. Zelman & Associates upgraded shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. raised their target price on shares of Redfin from $7.00 to $12.50 and gave the company a “neutral” rating in a research report on Monday, March 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.25.

Redfin Trading Down 0.9 %

NASDAQ RDFN opened at $8.57 on Tuesday. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -6.70 and a beta of 2.56. The firm’s 50 day simple moving average is $9.02 and its 200 day simple moving average is $9.13.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Redfin during the fourth quarter worth approximately $27,000. R Squared Ltd bought a new position in shares of Redfin during the 4th quarter worth approximately $33,000. US Bancorp DE boosted its holdings in shares of Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after buying an additional 1,799 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after acquiring an additional 2,520 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in shares of Redfin by 87.8% in the 4th quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after acquiring an additional 3,312 shares in the last quarter. 61.07% of the stock is owned by 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.