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

Redfin Co. (NASDAQ:RDFN - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $10.21, but opened at $9.56. Redfin shares last traded at $9.22, with a volume of 2,872,280 shares changing hands.

Analyst Ratings Changes

RDFN has been the topic of several recent analyst reports. DA Davidson reissued a "neutral" rating and set a $7.25 price objective on shares of Redfin in a research note on Wednesday, February 19th. Piper Sandler upgraded Redfin from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $4.00 to $12.50 in a report on Tuesday, March 11th. JPMorgan Chase & Co. upped their target price on Redfin from $7.00 to $12.50 and gave the company a "neutral" rating in a research note on Monday, March 24th. Needham & Company LLC reissued a "hold" rating on shares of Redfin in a research note on Tuesday, March 11th. Finally, Susquehanna dropped their price objective on shares of Redfin from $10.00 to $7.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Redfin has a consensus rating of "Hold" and a consensus target price of $10.03.

Redfin Stock Performance

The company has a market capitalization of $1.29 billion, a PE ratio of -7.97 and a beta of 2.56. The company has a 50 day moving average price of $8.87 and a 200 day moving average price of $9.42.

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Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the company's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $11.15, for a total transaction of $180,730.35. Following the sale, the insider now owns 74,616 shares in the company, valued at $831,968.40. This represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 4.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Redfin

A number of hedge funds and other institutional investors have recently bought and sold shares of RDFN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Redfin by 14.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,481 shares of the company's stock valued at $2,034,000 after buying an additional 33,327 shares during the last quarter. Two Sigma Advisers LP grew its position in Redfin by 17.4% in the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company's stock valued at $19,865,000 after buying an additional 374,200 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Redfin during the 4th quarter valued at about $27,000. Point72 Asset Management L.P. bought a new stake in shares of Redfin during the 4th quarter worth about $1,018,000. Finally, ProShare Advisors LLC lifted its stake in shares of Redfin by 51.9% in the 4th quarter. ProShare Advisors LLC now owns 33,663 shares of the company's stock worth $265,000 after acquiring an additional 11,503 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.