Redfin (NASDAQ:RDFN) Trading Down 3.2% – What’s Next?

Redfin Co. (NASDAQ:RDFN) fell 3.2% on Tuesday . The stock traded as low as $8.22 and last traded at $8.27. 496,526 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 5,477,586 shares. The stock had previously closed at $8.54.

Analyst Ratings Changes

RDFN has been the topic of several recent analyst reports. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and upped their price objective for the company from $6.00 to $6.50 in a report on Monday, November 18th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 price target on shares of Redfin in a report on Tuesday, November 19th. Susquehanna lifted 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. Wedbush raised their target price on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group lifted their price target on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.98.

Redfin Stock Performance

The firm’s 50 day moving average is $9.60 and its 200-day moving average is $9.09. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -6.50 and a beta of 2.63.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share 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 analyst estimates of $280.21 million. During the same period in the prior year, the business posted ($0.17) EPS. As a group, sell-side analysts forecast that Redfin Co. will post -1.25 earnings per share for the current year.

Insider Buying and Selling at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the 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 transaction, the insider now directly owns 29,978 shares of the company’s stock, valued at $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Creative Planning increased its stake in Redfin by 8.1% during the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after buying an additional 1,181 shares in the last quarter. Arizona State Retirement System increased its position in shares of Redfin by 5.4% during the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after purchasing an additional 1,710 shares in the last quarter. Hollencrest Capital Management acquired a new position in Redfin in the 3rd quarter valued at $25,000. Financial Advocates Investment Management lifted its holdings in Redfin by 21.6% in the 3rd quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock valued at $148,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after purchasing an additional 2,446 shares during 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.