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

Redfin (NASDAQ:RDFN - Free Report) had its target price boosted by Royal Bank of Canada from $8.00 to $12.50 in a research note published on Tuesday morning, Marketbeat Ratings reports. They currently have a sector perform rating on the stock.

RDFN has been the subject of several other reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Redfin in a report on Tuesday, March 11th. B. Riley lowered Redfin from a "strong-buy" rating to a "hold" rating in a report on Monday, March 10th. Gordon Haskett upgraded shares of Redfin to a "hold" rating in a research note on Monday, March 10th. DA Davidson restated a "neutral" rating and set a $7.25 price objective on shares of Redfin in a report on Wednesday, February 19th. Finally, Zelman & Associates raised Redfin to a "strong-buy" rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Redfin has a consensus rating of "Hold" and a consensus price target of $10.25.

Redfin Stock Down 1.5 %

Shares of Redfin stock traded down $0.13 during midday trading on Tuesday, hitting $8.44. The company's stock had a trading volume of 2,702,791 shares, compared to its average volume of 6,228,229. The firm has a market capitalization of $1.08 billion, a P/E ratio of -6.59 and a beta of 2.56. Redfin has a 1-year low of $5.10 and a 1-year high of $15.29. The stock has a 50-day simple moving average of $9.04 and a 200-day simple moving average of $9.05.

Insider Activity

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $11.15, for a total value of $180,730.35. Following the completion of the transaction, the insider now directly owns 74,616 shares in the company, valued at approximately $831,968.40. This represents a 17.85 % decrease in their position. The sale 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

A number of hedge funds have recently made changes to their positions in RDFN. Hennessy Advisors Inc. acquired a new position in Redfin during the fourth quarter worth $40,109,000. Tidal Investments LLC acquired a new position in Redfin during the 3rd quarter valued at about $10,650,000. Two Sigma Advisers LP increased its holdings in Redfin by 17.4% during the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company's stock worth $19,865,000 after purchasing an additional 374,200 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Redfin by 89.0% in the fourth quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company's stock valued at $4,855,000 after purchasing an additional 290,545 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Redfin by 839.2% during the first quarter. GAMMA Investing LLC now owns 164,877 shares of the company's stock valued at $1,519,000 after buying an additional 147,322 shares during the last quarter. 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.