Redfin (NASDAQ:RDFN) Shares Gap Up - Still a Buy?

Redfin Co. (NASDAQ:RDFN - Get Free Report)'s stock price 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 traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Susquehanna raised their target price on shares of Redfin from $7.00 to $10.00 and gave the company a "neutral" rating in a report on Monday, November 11th. The Goldman Sachs Group lowered Redfin from a "neutral" rating to a "sell" rating and upped their target price for the company from $6.00 to $6.50 in a research note on Monday, November 18th. Wedbush raised their target price on shares of Redfin from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Citigroup cut their target price on Redfin from $10.50 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, January 3rd. Finally, Jefferies Financial Group raised their price target on shares of Redfin from $7.50 to $11.50 and gave the company a "hold" rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $9.16.

Redfin Stock Down 0.7 %

The firm has a market cap of $952.79 million, a price-to-earnings ratio of -6.00 and a beta of 2.64. The stock's 50 day moving average is $8.63 and its 200 day moving average is $9.26.

Redfin (NASDAQ:RDFN - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) 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 the consensus estimate of $280.21 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. Analysts anticipate that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Anthony Ray Kappus sold 8,417 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of the business's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the sale, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Hollencrest Capital Management acquired a new position in Redfin in the 3rd quarter valued at approximately $25,000. Blue Trust Inc. increased its stake in shares of 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 acquiring an additional 2,446 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Redfin during the third quarter worth $47,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Redfin during the third quarter worth $48,000. Finally, CWM LLC boosted its position in Redfin by 45.6% during the third quarter. CWM LLC now owns 8,725 shares of the company's stock valued at $109,000 after purchasing an additional 2,734 shares during 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.