Redfin (NASDAQ:RDFN) Shares Gap Down – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) shares gapped down prior to trading on Monday . The stock had previously closed at $11.23, but opened at $10.85. Redfin shares last traded at $10.32, with a volume of 5,015,395 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Susquehanna reduced their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. reduced their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Wedbush reissued a “neutral” rating and issued a $8.00 price target on shares of Redfin in a report on Wednesday, August 7th. B. Riley increased their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price target on shares of Redfin in a report on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Redfin presently has a consensus rating of “Hold” and a consensus price target of $7.88.

Redfin Stock Down 8.0 %

The company has a 50 day simple moving average of $10.79 and a 200-day simple moving average of $8.05. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -8.70 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The company had revenue of $295.20 million for the quarter, compared to analyst estimates of $291.59 million. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.25) earnings per share. On average, equities research analysts expect that Redfin Co. will post -1.13 EPS for the current fiscal year.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the sale, the insider now directly owns 71,720 shares in the company, valued at approximately $663,410. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in RDFN. Susquehanna Fundamental Investments LLC increased its position in Redfin by 98.9% in 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 period. Vanguard Group Inc. increased its position in Redfin by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock valued at $127,623,000 after acquiring an additional 1,953,127 shares during the period. EntryPoint Capital LLC acquired a new stake in Redfin in the 1st quarter valued at approximately $58,000. SG Americas Securities LLC acquired a new stake in Redfin in the 3rd quarter valued at approximately $616,000. Finally, Jacobs Levy Equity Management Inc. increased its position in Redfin by 25.8% in 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 acquiring an additional 445,486 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.