Redfin (NASDAQ:RDFN) Shares Up 3.8% – What’s Next?

Redfin Co. (NASDAQ:RDFN) shot up 3.8% during mid-day trading on Tuesday . The company traded as high as $9.39 and last traded at $9.56. 1,647,493 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 6,096,181 shares. The stock had previously closed at $9.21.

Analysts Set New Price Targets

Several research firms have commented on RDFN. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Tuesday, March 11th. Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Piper Sandler upgraded shares of Redfin from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th. B. Riley lowered shares of Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. Finally, Gordon Haskett raised shares of Redfin to a “hold” rating in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.03.

Redfin Trading Up 5.2 %

The stock has a fifty day simple moving average of $8.75 and a two-hundred day simple moving average of $9.45. The company has a market cap of $1.22 billion, a PE ratio of -7.56 and a beta of 2.90.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently modified their holdings of RDFN. Hennessy Advisors Inc. purchased a new stake in Redfin during the fourth quarter worth $40,109,000. Geode Capital Management LLC raised its stake in shares of Redfin by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company’s stock worth $24,243,000 after buying an additional 56,865 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Redfin by 17.4% in the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock worth $19,865,000 after buying an additional 374,200 shares in the last quarter. Northern Trust Corp grew its stake in Redfin by 11.0% in the 4th quarter. Northern Trust Corp now owns 1,147,666 shares of the company’s stock valued at $9,032,000 after acquiring an additional 113,466 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Redfin by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,021,905 shares of the company’s stock valued at $8,042,000 after acquiring an additional 23,621 shares in the last quarter. Institutional investors and hedge funds 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.