Redfin (NASDAQ:RDFN) Trading Up 6.8% – Here’s Why

Redfin Co. (NASDAQ:RDFN) shares traded up 6.8% during mid-day trading on Monday . The stock traded as high as $8.35 and last traded at $8.44. 1,217,522 shares changed hands during trading, a decline of 70% from the average session volume of 4,045,399 shares. The stock had previously closed at $7.90.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and boosted their price target for the company from $6.00 to $6.50 in a research note on Monday, November 18th. B. Riley boosted their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Wedbush boosted their price target on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Citigroup lowered their price target on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Redfin presently has an average rating of “Hold” and an average price target of $9.16.

Redfin Trading Up 6.6 %

The firm has a fifty day moving average price of $8.47 and a 200 day moving average price of $9.38. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.58 and a beta of 2.64.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter last year, the company posted ($0.17) earnings per share. As a group, equities analysts predict that Redfin Co. will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other Redfin 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 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. The trade was a 18.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the sale, the insider now owns 29,978 shares of the company’s stock, valued at $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.

Institutional Trading of Redfin

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hollencrest Capital Management bought a new stake in shares of Redfin in the 3rd quarter valued at $25,000. Blue Trust Inc. increased its position in shares of Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after buying an additional 2,446 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Redfin in the 3rd quarter valued at $47,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Redfin in the 3rd quarter valued at $48,000. Finally, R Squared Ltd bought a new stake in shares of Redfin in the 4th quarter valued at $33,000. 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.