Redfin (NASDAQ:RDFN) Trading Down 4.6% – What’s Next?

Redfin Co. (NASDAQ:RDFN)’s share price dropped 4.6% during mid-day trading on Friday . The stock traded as low as $8.80 and last traded at $8.81. Approximately 1,333,021 shares traded hands during trading, a decline of 76% from the average daily volume of 5,505,724 shares. The stock had previously closed at $9.23.

Analysts Set New Price Targets

Several research firms have commented on RDFN. Wedbush upped their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. B. Riley upped their target price on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Jefferies Financial Group lifted their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Susquehanna upped their price objective on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research note 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.98.

Redfin Price Performance

The company’s fifty day simple moving average is $9.84 and its 200-day simple moving average is $8.99. The firm has a market capitalization of $1.12 billion, a PE ratio of -7.05 and a beta of 2.63.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million for the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. Analysts forecast that Redfin Co. will post -1.25 earnings per share for the current year.

Insider Transactions at Redfin

In other news, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of hedge funds have recently bought and sold shares of RDFN. Geode Capital Management LLC grew its position in shares of Redfin by 2.2% in the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock valued at $37,884,000 after purchasing an additional 66,018 shares in the last quarter. Two Sigma Advisers LP boosted its stake in Redfin by 124.9% during the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after buying an additional 1,193,900 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Redfin by 210.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock valued at $13,687,000 after buying an additional 740,759 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Redfin by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after acquiring an additional 92,023 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Redfin during the 3rd quarter worth $10,650,000. Institutional investors and hedge funds 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.