Redfin (NASDAQ:RDFN) Shares Gap Down – Time to Sell?

Redfin Co. (NASDAQ:RDFN)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $9.63, but opened at $9.18. Redfin shares last traded at $9.33, with a volume of 611,720 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on RDFN. Wedbush boosted their target price 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. Susquehanna upped their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. B. Riley lifted their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. DA Davidson restated a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Tuesday, November 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.98.

Redfin Price Performance

The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -7.55 and a beta of 2.70. The company’s 50-day moving average price is $10.61 and its two-hundred day moving average price is $8.77.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The firm had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same period in the previous year, the business posted ($0.17) earnings per share. On average, equities research analysts expect that Redfin Co. will post -1.23 EPS for the current fiscal year.

Insider Buying and Selling at Redfin

In related news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares of the company’s stock, valued at $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several institutional investors have recently made changes to their positions in RDFN. Franklin Resources Inc. bought a new stake in Redfin in the 3rd quarter valued at about $161,000. Tidal Investments LLC acquired a new stake in Redfin in the third quarter valued at approximately $10,650,000. Geode Capital Management LLC increased its holdings in shares of Redfin by 2.2% during the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock valued at $37,884,000 after acquiring an additional 66,018 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Redfin during the third quarter worth approximately $174,000. Finally, XTX Topco Ltd bought a new position in shares of Redfin in the 3rd quarter worth $455,000. 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.