Redfin (NASDAQ:RDFN) Trading Up 8.7%

Redfin Co. (NASDAQ:RDFN) shares shot up 8.7% during mid-day trading on Thursday . The stock traded as high as $6.75 and last traded at $6.74. 935,009 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 5,328,155 shares. The stock had previously closed at $6.20.

Analysts Set New Price Targets

Several research firms recently issued reports on RDFN. Royal Bank of Canada cut their price target on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Redfin in a report on Wednesday, February 28th. DA Davidson reaffirmed a “neutral” rating and issued a $6.75 price target on shares of Redfin in a report on Friday, March 22nd. B. Riley began coverage on shares of Redfin in a report on Friday, December 8th. They issued a “neutral” rating and a $8.00 price target on the stock. Finally, Citigroup cut their price target on shares of Redfin from $10.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.92.

Redfin Trading Up 8.5 %

The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 295.91. The firm’s 50 day simple moving average is $7.27 and its two-hundred day simple moving average is $7.38. The stock has a market cap of $802.49 million, a P/E ratio of -5.76 and a beta of 2.67.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. The business had revenue of $218.08 million during the quarter, compared to analyst estimates of $220.32 million. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.83) earnings per share. As a group, equities research analysts predict that Redfin Co. will post -1.31 earnings per share for the current fiscal year.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 7,916 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the completion of the transaction, the insider now owns 52,117 shares in the company, valued at $359,607.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Anna Stevens sold 10,851 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the transaction, the insider now owns 15,477 shares in the company, valued at approximately $104,934.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian John Taubman sold 7,916 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the completion of the transaction, the insider now owns 52,117 shares of the company’s stock, valued at approximately $359,607.30. The disclosure for this sale can be found here. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dark Forest Capital Management LP lifted its holdings in Redfin by 342.4% in the 3rd quarter. Dark Forest Capital Management LP now owns 205,033 shares of the company’s stock valued at $1,443,000 after acquiring an additional 158,690 shares during the last quarter. Jump Financial LLC lifted its holdings in Redfin by 19.8% in the 3rd quarter. Jump Financial LLC now owns 372,548 shares of the company’s stock valued at $2,623,000 after acquiring an additional 61,559 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Redfin in the 3rd quarter valued at about $914,000. Raymond James & Associates lifted its holdings in Redfin by 152.1% in the 3rd quarter. Raymond James & Associates now owns 109,264 shares of the company’s stock valued at $769,000 after acquiring an additional 65,915 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Redfin by 17.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 544,842 shares of the company’s stock valued at $3,836,000 after acquiring an additional 82,724 shares during the last quarter. Institutional investors 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.