Redfin (NASDAQ:RDFN) Shares Down 7% – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) dropped 7% on Friday . The company traded as low as $8.14 and last traded at $8.04. Approximately 2,626,181 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 4,749,941 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

RDFN has been the subject of a number of recent analyst reports. Citigroup decreased their price objective on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Wedbush boosted their price objective on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $6.00 to $6.50 in a report on Monday, November 18th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday. Finally, Susquehanna lifted their target price 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 research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Redfin currently has a consensus rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

The business’s 50-day moving average price is $8.16 and its 200-day moving average price is $9.43. The stock has a market cap of $965.18 million, a P/E ratio of -6.10 and a beta of 2.66.

Insider Activity

In related news, insider Christian John Taubman sold 16,333 shares of the company’s stock in a transaction 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 transaction, the insider now owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. This represents a 18.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RDFN. CWM LLC boosted its holdings in Redfin by 45.6% in the 3rd quarter. CWM LLC now owns 8,725 shares of the company’s stock worth $109,000 after buying an additional 2,734 shares during the period. Creative Planning boosted its holdings in Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after buying an additional 1,181 shares during the period. Blue Trust Inc. lifted its stake in Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after purchasing an additional 2,446 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Redfin by 15.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 36,921 shares of the company’s stock worth $463,000 after purchasing an additional 4,947 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Redfin by 210.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after purchasing an additional 740,759 shares in the last quarter. 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.