Redfin (NASDAQ:RDFN) Trading Down 5.2% – Here’s Why

by · The Cerbat Gem

Redfin Co. (NASDAQ:RDFN – Get Free Report) shares dropped 5.2% on Thursday . The stock traded as low as $10.58 and last traded at $10.59. Approximately 935,689 shares changed hands during trading, a decline of 83% from the average daily volume of 5,493,906 shares. The stock had previously closed at $11.17.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RDFN shares. B. Riley raised their target price on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. 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 Thursday, August 8th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. DA Davidson reissued a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday, July 3rd. Finally, Wedbush reaffirmed a “neutral” rating and set a $8.00 price target on shares of Redfin in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.88.

Read Our Latest Report on RDFN

Redfin Stock Performance

The stock has a market capitalization of $1.30 billion, a P/E ratio of -9.39 and a beta of 2.68. The company’s 50-day moving average price is $10.63 and its 200 day moving average price is $7.98.

Redfin (NASDAQ:RDFN – Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.03. The business had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. During the same quarter in the previous year, the firm earned ($0.25) earnings per share. Redfin’s revenue was up 7.2% on a year-over-year basis. Analysts predict that Redfin Co. will post -1.13 earnings per share for the current year.

Insider Activity

In related news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the completion of the transaction, the insider now owns 71,720 shares in the company, valued at approximately $663,410. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC boosted its position in shares of Redfin by 98.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock valued at $536,000 after acquiring an additional 44,377 shares during the last quarter. Vanguard Group Inc. lifted its position in Redfin by 11.3% during the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock valued at $127,623,000 after purchasing an additional 1,953,127 shares during the last quarter. EntryPoint Capital LLC purchased a new position in shares of Redfin in the 1st quarter worth $58,000. SG Americas Securities LLC bought a new stake in shares of Redfin in the 3rd quarter worth about $616,000. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Redfin by 25.8% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after buying an additional 445,486 shares in the last quarter. 61.07% of the stock is owned by institutional investors.

Redfin Company Profile

(Get Free Report)

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.

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