Redfin (NASDAQ:RDFN) Upgraded to Strong-Buy at Zelman & Associates

Redfin (NASDAQ:RDFN) was upgraded by analysts at Zelman & Associates to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, February 19th. JPMorgan Chase & Co. cut their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday. Susquehanna cut their price objective on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday. Piper Sandler cut their price objective on shares of Redfin from $7.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday. Finally, Wedbush lifted their price objective 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. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.63.

Redfin Stock Performance

NASDAQ RDFN opened at $5.86 on Wednesday. The company has a market capitalization of $740.64 million, a price-to-earnings ratio of -4.58 and a beta of 2.90. The company’s 50-day simple moving average is $7.94 and its two-hundred day simple moving average is $9.46. Redfin has a one year low of $5.10 and a one year high of $15.29.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the sale, the insider now directly owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is owned by company insiders.

Institutional Trading of Redfin

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its stake in Redfin by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock valued at $12,508,000 after acquiring an additional 92,023 shares during the period. Tidal Investments LLC acquired a new stake in Redfin during the 3rd quarter valued at approximately $10,650,000. Ballentine Partners LLC acquired a new stake in Redfin during the 4th quarter valued at approximately $81,000. Geode Capital Management LLC lifted its stake in Redfin by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock valued at $37,884,000 after acquiring an additional 66,018 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in Redfin by 476.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after acquiring an additional 660,872 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.