Redfin (NASDAQ:RDFN) Shares Gap Up – Time to Buy?

Shares of Redfin Co. (NASDAQ:RDFN) gapped up prior to trading on Wednesday . The stock had previously closed at $7.95, but opened at $8.13. Redfin shares last traded at $8.56, with a volume of 3,096,900 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RDFN. Citigroup decreased their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Susquehanna lifted their price target on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Jefferies Financial Group lifted their price target on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Wedbush lifted their price target on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price target on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Two research 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 MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Up 12.5 %

The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -6.95 and a beta of 2.66. The stock has a 50-day moving average price of $8.27 and a 200 day moving average price of $9.41.

Insider Transactions at Redfin

In related news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This represents a 21.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. Charles Schwab Investment Management Inc. raised its stake in shares of Redfin by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after purchasing an additional 92,023 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Redfin during the third quarter worth approximately $10,650,000. Ballentine Partners LLC purchased a new stake in shares of Redfin during the fourth quarter worth approximately $81,000. SG Americas Securities LLC purchased a new stake in shares of Redfin during the third quarter worth approximately $616,000. Finally, Geode Capital Management LLC raised its stake in shares of Redfin by 2.2% during the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after purchasing an additional 66,018 shares during 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.