Wedbush Forecasts Strong Price Appreciation for Redfin (NASDAQ:RDFN) Stock

Redfin (NASDAQ:RDFN) had its target price lifted by stock analysts at Wedbush from $8.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target indicates a potential upside of 5.04% from the stock’s previous close.

RDFN has been the topic of a number of other research reports. JPMorgan Chase & Co. lowered their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group upped their target price on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. B. Riley upped their price objective on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, Susquehanna decreased their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Redfin presently has a consensus rating of “Hold” and a consensus target price of $8.83.

Redfin Trading Down 16.9 %

RDFN stock traded down $1.94 during mid-day trading on Friday, reaching $9.52. 8,168,985 shares of the stock traded hands, compared to its average volume of 5,524,929. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The stock’s fifty day moving average is $11.16 and its 200-day moving average is $8.46. The company has a market cap of $1.16 billion, a P/E ratio of -8.14 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. During the same period in the prior year, the business posted ($0.25) EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts expect that Redfin will post -1.13 earnings per share for the current year.

Insider Buying and Selling at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the transaction, the insider now owns 71,720 shares of the company’s stock, valued at approximately $663,410. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

Several large investors have recently modified their holdings of RDFN. CAP Partners LLC lifted its position in Redfin by 13.4% during the 3rd quarter. CAP Partners LLC now owns 41,104 shares of the company’s stock worth $515,000 after acquiring an additional 4,847 shares during the last quarter. Quest Partners LLC bought a new position in shares of Redfin in the third quarter worth about $47,000. Oppenheimer & Co. Inc. acquired a new position in shares of Redfin during the 3rd quarter worth about $291,000. GSA Capital Partners LLP boosted its stake in Redfin by 53.2% during the 3rd quarter. GSA Capital Partners LLP now owns 139,203 shares of the company’s stock valued at $1,744,000 after purchasing an additional 48,313 shares during the period. Finally, Entropy Technologies LP boosted its stake in Redfin by 119.1% during the 3rd quarter. Entropy Technologies LP now owns 46,357 shares of the company’s stock valued at $581,000 after purchasing an additional 25,200 shares during the period. 61.07% of the stock is 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.