Redfin (NASDAQ:RDFN) Shares Down 7% – Time to Sell?

Shares of Redfin Co. (NASDAQ:RDFN) traded down 7% during mid-day trading on Friday . The company traded as low as $8.14 and last traded at $8.04. 2,626,181 shares were traded during trading, a decline of 45% from the average session volume of 4,749,941 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Susquehanna increased their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their price target on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Wedbush upped their price target on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. DA Davidson restated a “neutral” rating and issued a $7.25 price target on shares of Redfin in a report on Wednesday. Finally, The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and upped their price target for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

The business has a fifty day simple moving average of $8.13 and a 200 day simple moving average of $9.45. The stock has a market cap of $968.04 million, a price-to-earnings ratio of -6.10 and a beta of 2.66.

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the transaction, the insider now owns 73,466 shares in the company, valued at $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hennessy Advisors Inc. acquired a new position in shares of Redfin during the fourth quarter worth about $40,109,000. Geode Capital Management LLC lifted its stake in shares of Redfin by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company’s stock worth $24,243,000 after acquiring an additional 56,865 shares in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Redfin by 17.4% in the fourth quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock worth $19,865,000 after acquiring an additional 374,200 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Redfin by 11.0% in the fourth quarter. Northern Trust Corp now owns 1,147,666 shares of the company’s stock worth $9,032,000 after acquiring an additional 113,466 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Redfin by 210.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after acquiring an additional 740,759 shares in the last quarter. 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.