Redfin (NASDAQ:RDFN) Shares Up 7.1%

Redfin Co. (NASDAQ:RDFN) shares shot up 7.1% during trading on Friday . The company traded as high as $6.75 and last traded at $6.32. 3,094,926 shares were traded during mid-day trading, a decline of 40% from the average session volume of 5,120,968 shares. The stock had previously closed at $5.90.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RDFN shares. Citigroup decreased their price objective on Redfin from $10.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 29th. Gordon Haskett cut Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective on the stock. in a report on Thursday, February 29th. Royal Bank of Canada decreased their price objective on Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. Wedbush reissued a “neutral” rating and set a $8.00 price objective on shares of Redfin in a report on Wednesday, February 28th. Finally, DA Davidson reissued a “neutral” rating and set a $6.75 price objective on shares of Redfin in a report on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.92.

Redfin Stock Up 5.1 %

The firm has a market capitalization of $740.71 million, a PE ratio of -5.47 and a beta of 2.68. The stock has a 50 day simple moving average of $6.17 and a 200 day simple moving average of $7.11. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last posted its earnings results on Tuesday, February 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The firm had revenue of $218.08 million for the quarter, compared to analysts’ expectations of $220.32 million. During the same period in the previous year, the firm earned ($0.83) earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Redfin Co. will post -1.31 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Redfin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale purchased a new stake in Redfin in the third quarter worth $27,000. Allspring Global Investments Holdings LLC grew its stake in shares of Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares during the last quarter. New York State Teachers Retirement System purchased a new stake in shares of Redfin in the first quarter worth $66,000. First Trust Direct Indexing L.P. purchased a new stake in shares of Redfin in the first quarter worth $72,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of Redfin in the third quarter worth $82,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.