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Redfin Sinks After Real Estate Company Is Downgraded Over ‘Flawed’ Model

  • The real estate company has plunged about 91% so far this year
  • Peers Compass, Opendoor also decline to start the week
In this photo illustration, the Redfin logo seen displayed
Photographer: Rafael Henrique/SOPA Images/LightRocket /Getty Images
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Redfin Corp. sank to a fresh record low after an Oppenheimer analyst downgraded the stock and said the real estate company’s model was “fundamentally flawed.”

Shares dropped almost 10% on Monday to $3.63, as Oppenheimer’s Jason Helfstein cut his recommendation to underperform from a hold-equivalent rating. He sees room for further pain and slashed his price target to a Street-low of $1.30.