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

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Susquehanna reduced their target price on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. DA Davidson restated a “neutral” rating and set a $7.25 target price on shares of Redfin in a report on Wednesday, February 19th. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. Finally, Citigroup cut their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.48.

Redfin Trading Down 1.6 %

The stock has a market cap of $1.42 billion, a P/E ratio of -8.76 and a beta of 2.90. The company has a 50 day simple moving average of $8.21 and a 200 day simple moving average of $9.42.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

Several institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in shares of Redfin by 10.2% during the 3rd 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 during the last quarter. Tidal Investments LLC acquired a new position in shares of Redfin during the 3rd quarter worth approximately $10,650,000. Ballentine Partners LLC acquired a new position in shares of Redfin during the 4th quarter worth approximately $81,000. Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 66,018 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Redfin by 476.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock worth $10,018,000 after purchasing an additional 660,872 shares during the last quarter. Institutional investors own 61.07% of the company’s stock.

About Redfin

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.