Redfin (NASDAQ:RDFN) Shares Gap Up - Time to Buy?

Redfin Co. (NASDAQ:RDFN - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $5.82, but opened at $10.03. Redfin shares last traded at $10.05, with a volume of 45,059,110 shares changing hands.

Wall Street Analyst Weigh In

RDFN has been the subject of several recent analyst reports. Needham & Company LLC restated a "hold" rating on shares of Redfin in a research note on Tuesday. Susquehanna cut their price objective on Redfin from $10.00 to $7.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Zelman & Associates upgraded Redfin to a "strong-buy" rating in a research report on Wednesday, March 5th. Citigroup cut their price target on shares of Redfin from $10.50 to $9.00 and set a "neutral" rating for the company in a report on Friday, January 3rd. Finally, The Goldman Sachs Group downgraded shares of Redfin from a "neutral" rating to a "sell" rating and increased their price objective for the company from $6.00 to $6.50 in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $9.48.

Redfin Stock Down 0.7 %

The stock has a 50-day moving average of $7.97 and a 200 day moving average of $9.42. The stock has a market cap of $1.30 billion, a PE ratio of -8.02 and a beta of 2.90.

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Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,333 shares of the business's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the sale, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redfin

Institutional investors have recently made changes to their positions in the stock. Hennessy Advisors Inc. purchased a new position in shares of Redfin during the 4th quarter worth approximately $40,109,000. Two Sigma Advisers LP boosted its position in shares of Redfin by 124.9% during the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company's stock worth $26,938,000 after buying an additional 1,193,900 shares during the period. Tidal Investments LLC purchased a new position in Redfin in the third quarter valued at $10,650,000. BNP Paribas Financial Markets grew its stake in Redfin by 476.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company's stock worth $10,018,000 after purchasing an additional 660,872 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Redfin by 89.0% in the 4th quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company's stock valued at $4,855,000 after purchasing an additional 290,545 shares in the last quarter. 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.