Redfin (NASDAQ:RDFN) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Redfin (NASDAQ:RDFN) had its price objective increased by equities researchers at Royal Bank of Canada from $8.00 to $12.50 in a report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 45.86% from the company’s previous close.

RDFN has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on shares of Redfin from $7.00 to $12.50 and gave the stock a “neutral” rating in a report on Monday, March 24th. Susquehanna dropped their price target on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Citigroup reduced their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Zelman & Associates raised Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, Piper Sandler raised Redfin from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $4.00 to $12.50 in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Redfin has a consensus rating of “Hold” and a consensus target price of $10.25.

Redfin Stock Performance

Shares of RDFN opened at $8.57 on Tuesday. The stock has a 50 day simple moving average of $9.02 and a 200 day simple moving average of $9.13. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The firm has a market capitalization of $1.10 billion, a PE ratio of -6.70 and a beta of 2.56.

Insider Activity

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $11.15, for a total value of $180,730.35. Following the transaction, the insider now directly owns 74,616 shares of the company’s stock, valued at $831,968.40. This represents a 17.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

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