Redfin Co. (NASDAQ:RDFN - Get Free Report) dropped 7% during mid-day trading on Tuesday . The stock traded as low as $9.40 and last traded at $9.43. Approximately 1,186,364 shares traded hands during trading, a decline of 78% from the average daily volume of 5,468,284 shares. The stock had previously closed at $10.14.
Wall Street Analysts Forecast Growth
Several brokerages have commented on RDFN. Wedbush restated a "neutral" rating and set a $8.00 price objective on shares of Redfin in a research report on Wednesday, August 7th. Jefferies Financial Group lifted their price target on Redfin from $7.50 to $11.50 and gave the company a "hold" rating in a research note on Tuesday, October 22nd. B. Riley upped their price objective on Redfin from $13.00 to $15.00 and gave the stock a "buy" rating in a research report on Monday, September 30th. JPMorgan Chase & Co. decreased their target price on Redfin from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Thursday, August 8th. Finally, Susquehanna dropped their target price on shares of Redfin from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $8.20.
View Our Latest Stock Report on Redfin
Redfin Stock Performance
The stock's fifty day simple moving average is $11.10 and its two-hundred day simple moving average is $8.22. The stock has a market capitalization of $1.18 billion, a P/E ratio of -8.05 and a beta of 2.68.
Redfin (NASDAQ:RDFN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.03. The business had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. The business's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.25) EPS. As a group, analysts expect that Redfin Co. will post -1.13 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, insider Christian John Taubman sold 3,632 shares of the company's stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the sale, the insider now directly owns 71,720 shares of the company's stock, valued at approximately $663,410. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.40% of the stock is owned by insiders.
Institutional Trading of Redfin
Large investors have recently modified their holdings of the stock. Creative Planning grew its stake in shares of Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company's stock valued at $198,000 after buying an additional 1,181 shares during the period. Arizona State Retirement System increased its holdings 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 valued at $201,000 after acquiring an additional 1,710 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company's stock worth $132,000 after purchasing an additional 1,766 shares during the period. Financial Advocates Investment Management lifted its holdings in shares of Redfin by 21.6% in the 3rd quarter. Financial Advocates Investment Management now owns 11,815 shares of the company's stock worth $148,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Redfin by 17.7% in the 1st quarter. Principal Financial Group Inc. now owns 14,872 shares of the company's stock valued at $99,000 after purchasing an additional 2,241 shares during the period. Institutional investors and hedge funds own 61.07% of the company's stock.
About Redfin
(
Get Free Report)
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.
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