Redfin (NASDAQ:RDFN) Shares Down 5.5% – Here’s Why

Shares of Redfin Co. (NASDAQ:RDFN) dropped 5.5% on Tuesday . The company traded as low as $7.65 and last traded at $7.77. Approximately 2,312,136 shares traded hands during trading, a decline of 40% from the average daily volume of 3,832,916 shares. The stock had previously closed at $8.22.

Analyst Ratings Changes

Several research firms have commented on RDFN. B. Riley boosted their target price on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Jefferies Financial Group upped their target price 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. Citigroup lowered their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Wedbush increased their price objective on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their target price on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.16.

Redfin Price Performance

The firm has a market cap of $919.93 million, a PE ratio of -5.80 and a beta of 2.64. The business has a 50-day simple moving average of $9.02 and a 200 day simple moving average of $9.22.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same quarter last year, the firm posted ($0.17) EPS. On average, equities analysts forecast that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Insider Activity at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the sale, the insider now owns 29,978 shares in the company, valued at $252,714.54. The trade was a 21.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Redfin

A number of large investors have recently bought and sold shares of RDFN. Creative Planning increased its stake in Redfin by 8.1% in the third quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after purchasing an additional 1,181 shares during the period. Arizona State Retirement System boosted its position in Redfin by 5.4% in the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock valued at $201,000 after buying an additional 1,710 shares during the period. Hollencrest Capital Management purchased a new stake in Redfin in the 3rd quarter valued at about $25,000. Financial Advocates Investment Management increased its position in shares of Redfin by 21.6% during the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after acquiring an additional 2,100 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares during the period. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.