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

Redfin Co. (NASDAQ:RDFN) shares 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 trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RDFN shares. JPMorgan Chase & Co. increased their price objective on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Citigroup dropped their price objective on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and increased their price objective for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Jefferies Financial Group increased their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $9.16.

Redfin Price Performance

The company’s fifty day simple moving average is $8.63 and its two-hundred day simple moving average is $9.26. The stock has a market cap of $959.61 million, a price-to-earnings ratio of -6.05 and a beta of 2.64.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share 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 last year, the firm posted ($0.17) EPS. On average, analysts forecast that Redfin Co. will post -1.25 earnings per share for the current year.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 16,333 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were 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 owns 73,466 shares in the company, valued at $620,053.04. This represents a 18.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Anthony Ray Kappus sold 8,417 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. The trade was a 21.92 % 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 have recently added to or reduced their stakes in RDFN. Rhumbline Advisers grew its position in Redfin by 12.2% during the second quarter. Rhumbline Advisers now owns 177,096 shares of the company’s stock valued at $1,064,000 after buying an additional 19,229 shares during the period. Arizona State Retirement System grew its position in Redfin by 5.4% during the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock valued at $201,000 after buying an additional 1,710 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in Redfin during the second quarter worth about $108,000. Seven Eight Capital LP bought a new position in Redfin during the second quarter worth about $162,000. Finally, Ensign Peak Advisors Inc bought a new position in Redfin during the second quarter worth about $479,000. Institutional investors own 61.07% of the company’s stock.

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.