Redfin (NASDAQ:RDFN) Shares Gap Down – Should You Sell?

Redfin Co. (NASDAQ:RDFN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $9.63, but opened at $9.18. Redfin shares last traded at $9.33, with a volume of 611,720 shares.

Analyst Upgrades and Downgrades

RDFN has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. Susquehanna upped their price objective on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. 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. Jefferies Financial Group upped their price objective on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group cut shares of Redfin from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $6.00 to $6.50 in a research note on Monday, November 18th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Redfin presently has an average rating of “Hold” and a consensus price target of $8.98.

Redfin Stock Down 3.0 %

The company’s fifty day moving average is $10.70 and its two-hundred day moving average is $8.75. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -7.52 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The company had revenue of $278.02 million for the quarter, compared to analyst estimates of $280.21 million. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, equities research analysts expect that Redfin Co. will post -1.23 EPS for the current year.

Insiders Place Their Bets

In related news, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the sale, the insider now directly owns 29,978 shares in the company, valued at $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company 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 company. Tidal Investments LLC bought a new position in shares of Redfin in the 3rd quarter valued at about $10,650,000. Geode Capital Management LLC boosted its holdings 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 buying an additional 66,018 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Redfin during the 3rd quarter worth about $174,000. XTX Topco Ltd bought a new stake in shares of Redfin during the 3rd quarter worth about $455,000. Finally, Zacks Investment Management acquired a new stake in Redfin in the 3rd quarter worth about $2,108,000. 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.