Royal Bank of Canada Boosts Redfin (NASDAQ:RDFN) Price Target to $12.50

Redfin (NASDAQ:RDFN) had its price objective boosted by stock analysts at Royal Bank of Canada from $8.00 to $12.50 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 40.54% from the company’s previous close.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price target on shares of Redfin from $7.00 to $12.50 and gave the stock a “neutral” rating in a report on Monday, March 24th. Gordon Haskett upgraded Redfin to a “hold” rating in a research report on Monday, March 10th. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Citigroup reduced their price objective on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, B. Riley lowered shares of Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Redfin has a consensus rating of “Hold” and a consensus price target of $10.25.

Redfin Stock Performance

Shares of RDFN stock traded up $0.04 on Tuesday, hitting $8.89. 805,381 shares of the stock traded hands, compared to its average volume of 7,960,129. Redfin has a twelve month low of $5.10 and a twelve month high of $15.29. The stock has a market capitalization of $1.14 billion, a PE ratio of -6.95 and a beta of 2.56. The firm’s 50-day moving average price is $9.02 and its two-hundred day moving average price is $9.14.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 16,209 shares of Redfin stock in a transaction on Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the sale, the insider now directly owns 74,616 shares of the company’s stock, valued at approximately $831,968.40. The trade was a 17.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Redfin during the fourth quarter worth approximately $27,000. R Squared Ltd purchased a new position in shares of Redfin in the 4th quarter valued at $33,000. US Bancorp DE raised its stake in Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after acquiring an additional 1,799 shares in the last quarter. Blue Trust Inc. lifted its position in Redfin by 76.3% in the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after acquiring an additional 2,520 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in Redfin by 87.8% in the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after acquiring an additional 3,312 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.