Redfin (NASDAQ:RDFN) Trading Up 4.8%

Redfin Co. (NASDAQ:RDFN)’s stock price shot up 4.8% during mid-day trading on Friday . The company traded as high as $7.43 and last traded at $7.37. 901,779 shares traded hands during trading, a decline of 81% from the average session volume of 4,858,583 shares. The stock had previously closed at $7.03.

Wall Street Analysts Forecast Growth

RDFN has been the subject of several research analyst reports. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $8.00 to $9.00 in a report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research note on Thursday, May 16th. Wedbush reissued a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research report on Wednesday, May 8th. Citigroup dropped their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Finally, Susquehanna boosted their price target on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.08.

Redfin Price Performance

The firm has a market cap of $893.64 million, a P/E ratio of -6.21 and a beta of 2.66. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.33 and a quick ratio of 1.33. The firm’s 50 day moving average is $6.45 and its 200 day moving average is $7.01.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.76%. The firm had revenue of $225.50 million for the quarter, compared to analysts’ expectations of $217.79 million. During the same period in the previous year, the firm posted ($0.93) EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts anticipate that Redfin Co. will post -1.11 earnings per share for the current year.

Insider Activity at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total value of $25,278.72. Following the completion of the sale, the insider now owns 57,274 shares of the company’s stock, valued at approximately $398,627.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. raised its stake in Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after buying an additional 2,821 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares during the period. EntryPoint Capital LLC purchased a new stake in Redfin during the first quarter valued at $58,000. New York State Teachers Retirement System bought a new position in Redfin in the first quarter valued at about $66,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Redfin in the first quarter worth about $72,000. 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.