Redfin (NASDAQ:RDFN) Price Target Lowered to $4.00 at Piper Sandler

Redfin (NASDAQ:RDFN) had its target price cut by stock analysts at Piper Sandler from $7.00 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Piper Sandler’s price target would indicate a potential downside of 35.80% from the company’s current price.

RDFN has been the topic of a number of other reports. Susquehanna lowered their target price on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Monday. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $6.00 to $6.50 in a research note on Monday, November 18th. JPMorgan Chase & Co. decreased their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Monday. Wedbush lifted their price target on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Citigroup cut their price target on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $8.63.

Redfin Price Performance

RDFN traded down $0.17 on Thursday, hitting $6.23. The company had a trading volume of 855,441 shares, compared to its average volume of 5,491,883. Redfin has a 1-year low of $5.10 and a 1-year high of $15.29. The company’s fifty day moving average price is $7.98 and its 200 day moving average price is $9.48. The stock has a market cap of $787.53 million, a price-to-earnings ratio of -4.87 and a beta of 2.90.

Insider Activity

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the transaction, the insider now directly owns 73,466 shares in the company, valued at $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning raised its stake in shares of Redfin by 8.1% in the third quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after acquiring an additional 1,181 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Redfin during the 3rd quarter valued at $25,000. Entropy Technologies LP raised its position in Redfin by 119.1% in 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 last quarter. GSA Capital Partners LLP boosted its stake in Redfin by 53.2% in the third quarter. GSA Capital Partners LLP now owns 139,203 shares of the company’s stock worth $1,744,000 after purchasing an additional 48,313 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Redfin during the third quarter worth $291,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.