Redfin (NASDAQ:RDFN) Shares Gap Up - Here's What Happened

Redfin Co. (NASDAQ:RDFN - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.37, but opened at $7.91. Redfin shares last traded at $8.06, with a volume of 1,662,460 shares.

Analyst Ratings Changes

RDFN has been the subject of several recent analyst reports. The Goldman Sachs Group downgraded Redfin from a "neutral" rating to a "sell" rating and upped their price objective for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Wedbush raised their price objective on Redfin from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. DA Davidson reaffirmed a "neutral" rating and set a $7.25 price target on shares of Redfin in a research report on Tuesday, November 19th. Susquehanna raised their price objective on shares of Redfin from $7.00 to $10.00 and gave the stock a "neutral" rating in a research report on Monday, November 11th. Finally, Citigroup dropped their price target on Redfin from $10.50 to $9.00 and set a "neutral" rating on the stock in a research note on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $9.16.

Redfin Trading Up 6.2 %

The company has a market cap of $970.76 million, a P/E ratio of -6.12 and a beta of 2.64. The company's fifty day moving average is $8.76 and its 200 day moving average is $9.28.

Redfin (NASDAQ:RDFN - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.08). The firm had revenue of $278.02 million during the quarter, compared to analysts' expectations of $280.21 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Analysts anticipate that Redfin Co. will post -1.25 EPS for the current year.

Insider Buying and Selling at Redfin

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

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new position in Redfin during the 3rd quarter valued at $25,000. Blue Trust Inc. lifted its holdings in Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company's stock worth $41,000 after buying an additional 2,446 shares during the period. Quest Partners LLC bought a new stake in Redfin during the 3rd quarter valued at approximately $47,000. DekaBank Deutsche Girozentrale bought a new stake in Redfin during the 3rd quarter valued at approximately $48,000. Finally, CWM LLC raised its position in shares of Redfin by 45.6% in the 3rd quarter. CWM LLC now owns 8,725 shares of the company's stock worth $109,000 after acquiring an additional 2,734 shares in the last quarter. 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.