Redfin (NASDAQ:RDFN) Rating Increased to Neutral at Piper Sandler

Redfin (NASDAQ:RDFN) was upgraded by equities research analysts at Piper Sandler from an “underweight” rating to a “neutral” rating in a research report issued on Tuesday,Benzinga reports. The firm currently has a $12.50 price objective on the stock, up from their previous price objective of $4.00. Piper Sandler’s price objective suggests a potential upside of 28.24% from the stock’s current price.

Several other research firms also recently weighed in on RDFN. JPMorgan Chase & Co. reduced their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Zelman & Associates upgraded shares of Redfin to a “strong-buy” rating in a research note on Wednesday, March 5th. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and increased their target price for the stock from $6.00 to $6.50 in a research note on Monday, November 18th. Susquehanna dropped their price target on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Finally, DA Davidson reaffirmed a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.48.

Redfin Trading Down 0.2 %

Shares of NASDAQ RDFN traded down $0.02 during mid-day trading on Tuesday, reaching $9.75. The company had a trading volume of 10,927,464 shares, compared to its average volume of 5,921,449. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The stock has a market cap of $1.23 billion, a P/E ratio of -7.61 and a beta of 2.90. The firm has a 50 day simple moving average of $7.88 and a two-hundred day simple moving average of $9.42.

Insider Activity at Redfin

In other news, insider Christian John Taubman sold 16,333 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the transaction, the insider now owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning grew its stake in Redfin by 8.1% during the third quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after buying an additional 1,181 shares during the period. Entropy Technologies LP grew its holdings in Redfin by 119.1% during the 3rd quarter. Entropy Technologies LP now owns 46,357 shares of the company’s stock worth $581,000 after acquiring an additional 25,200 shares in the last quarter. GSA Capital Partners LLP increased its holdings in Redfin by 53.2% in the third quarter. GSA Capital Partners LLP now owns 139,203 shares of the company’s stock valued at $1,744,000 after buying an additional 48,313 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Redfin during the 3rd quarter valued at approximately $291,000. Finally, Quest Partners LLC bought a new position in shares of Redfin in the 3rd quarter worth about $47,000. 61.07% of the stock is 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.