Redfin (NASDAQ:RDFN) Shares Gap Up – Time to Buy?

Redfin Co. (NASDAQ:RDFN)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $7.37, but opened at $7.91. Redfin shares last traded at $8.06, with a volume of 1,662,460 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RDFN. Susquehanna increased their price target on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. JPMorgan Chase & Co. increased their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. B. Riley increased their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Wedbush increased their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group increased their price target on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Redfin presently has a consensus rating of “Hold” and a consensus target price of $9.16.

Redfin Price Performance

The stock has a market capitalization of $959.61 million, a PE ratio of -6.05 and a beta of 2.64. The firm’s 50 day simple moving average is $8.63 and its 200 day simple moving average is $9.26.

Redfin (NASDAQ:RDFN) last posted its quarterly 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 business had revenue of $278.02 million for the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter in the previous year, the business earned ($0.17) earnings per share. Analysts expect that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Insider Transactions at Redfin

In related 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 sale, the insider now owns 29,978 shares in the company, valued at $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. Hennessy Advisors Inc. purchased a new position in Redfin during the fourth quarter valued at $40,109,000. Two Sigma Advisers LP raised its position in shares of Redfin by 124.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after purchasing an additional 1,193,900 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of Redfin in the 3rd quarter worth about $10,650,000. Assenagon Asset Management S.A. raised its position in shares of Redfin by 210.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after purchasing an additional 740,759 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Redfin by 476.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock worth $10,018,000 after purchasing an additional 660,872 shares during the last quarter. Hedge funds and other 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.