Redfin (NASDAQ:RDFN) Shares Gap Down – What’s Next?

Redfin Co. (NASDAQ:RDFN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $10.21, but opened at $9.56. Redfin shares last traded at $9.22, with a volume of 2,872,280 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RDFN. Gordon Haskett raised Redfin to a “hold” rating in a research note on Monday, March 10th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday, February 19th. Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Piper Sandler upgraded shares of Redfin from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $4.00 to $12.50 in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of Redfin from $7.00 to $12.50 and gave the stock a “neutral” rating in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.03.

Redfin Stock Down 11.9 %

The stock has a market cap of $1.14 billion, a PE ratio of -7.03 and a beta of 2.90. The firm has a fifty day moving average of $8.72 and a 200 day moving average of $9.46.

Insider Transactions at Redfin

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RDFN. Quest Partners LLC acquired a new stake in shares of Redfin in the third quarter valued at approximately $47,000. Intech Investment Management LLC acquired a new stake in Redfin during the 3rd quarter worth $461,000. Charles Schwab Investment Management Inc. boosted 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 worth $12,508,000 after purchasing an additional 92,023 shares during the period. Cerity Partners LLC grew its position in Redfin by 13.0% during the 3rd quarter. Cerity Partners LLC now owns 36,096 shares of the company’s stock worth $452,000 after purchasing an additional 4,157 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Redfin by 476.6% in the third quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after purchasing an additional 660,872 shares during the period. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Redfin Company Profile

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.