Redfin (NASDAQ:RDFN) Trading Down 2.2% – Here’s Why

Shares of Redfin Co. (NASDAQ:RDFN) were down 2.2% during mid-day trading on Monday . The stock traded as low as $10.84 and last traded at $10.80. Approximately 426,254 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 6,001,618 shares. The stock had previously closed at $11.04.

Wall Street Analysts Forecast Growth

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

Redfin Stock Performance

The business’s 50-day moving average price is $8.57 and its 200-day moving average price is $9.47. The stock has a market cap of $1.32 billion, a P/E ratio of -8.19 and a beta of 2.90.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 16,209 shares of Redfin stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the transaction, the insider now owns 74,616 shares of the company’s stock, valued at $831,968.40. The trade was a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Quest Partners LLC purchased a new stake in Redfin in the 3rd quarter worth $47,000. Intech Investment Management LLC purchased a new stake in shares of Redfin during the third quarter worth about $461,000. Charles Schwab Investment Management Inc. raised 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 valued at $12,508,000 after purchasing an additional 92,023 shares during the period. Cerity Partners LLC lifted its holdings in Redfin by 13.0% in 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 in the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in Redfin by 169.6% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 40,773 shares of the company’s stock worth $511,000 after purchasing an additional 25,652 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.