Redfin (NASDAQ:RDFN) Stock Rating Lowered by The Goldman Sachs Group

Redfin (NASDAQ:RDFN) was downgraded by equities research analysts at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research note issued on Monday, MarketBeat Ratings reports. They currently have a $6.50 price objective on the stock, up from their previous price objective of $6.00. The Goldman Sachs Group’s price objective points to a potential downside of 22.34% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Wedbush increased their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. B. Riley increased their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Susquehanna increased their price target on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.98.

Redfin Trading Down 3.9 %

Shares of NASDAQ:RDFN opened at $8.37 on Monday. Redfin has a 12 month low of $5.10 and a 12 month high of $15.29. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -6.54 and a beta of 2.70. The company has a 50-day moving average price of $11.12 and a 200-day moving average price of $8.66.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same period in the prior year, the firm posted ($0.17) earnings per share. As a group, research analysts forecast that Redfin will post -1.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now directly owns 71,720 shares of the company’s stock, valued at $663,410. This trade represents a 4.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of large investors have recently made changes to their positions in RDFN. Mather Group LLC. raised its holdings in shares of Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of Redfin during the 3rd quarter worth approximately $25,000. Allspring Global Investments Holdings LLC raised its stake in shares of Redfin by 205.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after acquiring an additional 2,446 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Redfin during the 3rd quarter worth approximately $47,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.