Redfin (NASDAQ:RDFN) Trading Down 3.8% – Time to Sell?

Redfin Co. (NASDAQ:RDFN)’s share price traded down 3.8% during trading on Wednesday . The company traded as low as $8.39 and last traded at $8.35. 483,216 shares changed hands during trading, a decline of 89% from the average session volume of 4,212,708 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Tuesday, November 19th. Susquehanna boosted their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Jefferies Financial Group raised their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. 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 report on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $9.16.

Redfin Stock Performance

The business has a 50-day moving average of $8.49 and a 200 day moving average of $9.40. The stock has a market cap of $1.00 billion, a PE ratio of -6.32 and a beta of 2.64.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The firm had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same period in the prior year, the company posted ($0.17) earnings per share. Equities analysts expect that Redfin Co. will post -1.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares in the company, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction that occurred 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 sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. This represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of large investors have recently added to or reduced their stakes in RDFN. Hennessy Advisors Inc. purchased a new stake in shares of Redfin during the fourth quarter worth about $40,109,000. Geode Capital Management LLC grew its holdings in Redfin by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after acquiring an additional 66,018 shares in the last quarter. Two Sigma Advisers LP increased 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. Assenagon Asset Management S.A. raised its stake 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 valued at $13,687,000 after purchasing an additional 740,759 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Redfin by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after purchasing an additional 92,023 shares in the last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

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.