Redfin (NASDAQ:RDFN) Trading Up 7% – Time to Buy?

Redfin Co. (NASDAQ:RDFN) was up 7% during mid-day trading on Monday . The company traded as high as $11.41 and last traded at $11.45. Approximately 5,552,712 shares were traded during trading, a decline of 8% from the average daily volume of 6,048,621 shares. The stock had previously closed at $10.70.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RDFN shares. Zelman & Associates raised Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Gordon Haskett raised Redfin to a “hold” rating in a report on Monday, March 10th. DA Davidson reissued a “neutral” rating and set a $7.25 price objective on shares of Redfin in a report on Wednesday, February 19th. Piper Sandler raised Redfin from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $4.00 to $12.50 in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. cut their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.48.

Redfin Price Performance

The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -8.76 and a beta of 2.90. The stock has a 50 day moving average price of $8.21 and a two-hundred day moving average price of $9.42.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the sale, the insider now directly owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hennessy Advisors Inc. acquired a new stake in Redfin in the fourth quarter worth about $40,109,000. Geode Capital Management LLC boosted its holdings in Redfin by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company’s stock worth $24,243,000 after buying an additional 56,865 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in Redfin by 17.4% during the fourth quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock worth $19,865,000 after buying an additional 374,200 shares during the last quarter. Northern Trust Corp boosted its holdings in Redfin by 11.0% during the fourth quarter. Northern Trust Corp now owns 1,147,666 shares of the company’s stock worth $9,032,000 after buying an additional 113,466 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Redfin by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,021,905 shares of the company’s stock worth $8,042,000 after buying an additional 23,621 shares during the last quarter. 61.07% of the stock is currently 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.