Redfin (NASDAQ:RDFN) PT Lowered to $7.00 at Citigroup

Redfin (NASDAQ:RDFN) had its target price dropped by analysts at Citigroup from $8.00 to $7.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential downside of 0.99% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Gordon Haskett cut Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective for the company. in a report on Thursday, February 29th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research note on Wednesday. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $8.00 to $9.00 in a research report on Wednesday. DA Davidson reissued a “neutral” rating and issued a $6.75 target price on shares of Redfin in a research report on Friday, March 22nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $8.00 price target on shares of Redfin in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.08.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $7.07 on Wednesday. Redfin has a 12 month low of $4.26 and a 12 month high of $17.68. The stock has a 50 day moving average of $6.12 and a 200-day moving average of $7.15. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 295.91. The company has a market capitalization of $844.66 million, a P/E ratio of -5.94 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.58) by $0.01. The firm had revenue of $225.50 million for the quarter, compared to the consensus estimate of $217.79 million. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.93) earnings per share. As a group, equities research analysts predict that Redfin will post -1.31 EPS for the current year.

Insider Transactions at Redfin

In other Redfin news, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total transaction of $73,569.78. Following the completion of the transaction, the insider now directly owns 15,477 shares in the company, valued at $104,934.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Redfin news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the sale, the insider now owns 52,117 shares of the company’s stock, valued at $359,607.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anna Stevens sold 10,851 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the transaction, the insider now owns 15,477 shares of the company’s stock, valued at $104,934.06. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Redfin

Several hedge funds and other institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new stake in Redfin during the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased its holdings in Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares during the period. New York State Teachers Retirement System bought a new position in Redfin during the 1st quarter worth $66,000. First Trust Direct Indexing L.P. acquired a new position in Redfin during the 1st quarter worth about $72,000. Finally, Sherbrooke Park Advisers LLC acquired a new stake in shares of Redfin in the third quarter valued at about $82,000. 61.07% of the stock is currently owned by institutional investors.

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.