Redfin (NASDAQ:RDFN) Trading Down 4.6% – What’s Next?

Redfin Co. (NASDAQ:RDFN) was down 4.6% during mid-day trading on Friday . The company traded as low as $8.80 and last traded at $8.81. Approximately 1,333,021 shares were traded during trading, a decline of 76% from the average daily volume of 5,505,724 shares. The stock had previously closed at $9.23.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RDFN. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and increased their price objective for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Wedbush raised their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. B. Riley increased their target price on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. JPMorgan Chase & Co. raised their target price on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Finally, Susquehanna boosted their price target 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 investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Redfin currently has a consensus rating of “Hold” and an average target price of $8.98.

Redfin Trading Down 3.1 %

The business’s 50 day moving average price is $9.88 and its two-hundred day moving average price is $8.95. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -7.21 and a beta of 2.63.

Redfin (NASDAQ:RDFN) last announced its earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same quarter in the previous year, the firm earned ($0.17) EPS. Analysts expect that Redfin Co. will post -1.25 EPS for the current year.

Insider Activity

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction 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 directly owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.40% of the stock is owned by company insiders.

Institutional Trading of Redfin

Several hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new stake in Redfin in the 3rd quarter worth approximately $25,000. Blue Trust Inc. lifted its position in Redfin by 285.7% during the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares during the last quarter. Quest Partners LLC purchased a new position in Redfin in the 3rd quarter worth approximately $47,000. DekaBank Deutsche Girozentrale bought a new position in shares of Redfin in the 3rd quarter worth $48,000. Finally, CWM LLC raised its position in shares of Redfin by 45.6% during the 3rd quarter. CWM LLC now owns 8,725 shares of the company’s stock valued at $109,000 after buying an additional 2,734 shares in the last quarter. Institutional investors and hedge funds 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.