Redfin (NASDAQ:RDFN) Trading Down 5.5% - Here's What Happened

Redfin Co. (NASDAQ:RDFN - Get Free Report)'s share price fell 5.5% during mid-day trading on Wednesday . The company traded as low as $8.36 and last traded at $8.36. 1,039,105 shares were traded during mid-day trading, a decline of 83% from the average session volume of 6,186,881 shares. The stock had previously closed at $8.85.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. increased their target price on Redfin from $7.00 to $12.50 and gave the company a "neutral" rating in a report on Monday, March 24th. B. Riley lowered shares of Redfin from a "strong-buy" rating to a "hold" rating in a report on Monday, March 10th. Piper Sandler upgraded Redfin from an "underweight" rating to a "neutral" rating and raised their target price for the company from $4.00 to $12.50 in a research report on Tuesday, March 11th. Zelman & Associates raised shares of Redfin to a "strong-buy" rating in a research note on Wednesday, March 5th. Finally, Gordon Haskett upgraded shares of Redfin to a "hold" rating in a research report on Monday, March 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Redfin currently has a consensus rating of "Hold" and a consensus price target of $10.03.

Redfin Stock Up 7.8 %

The stock has a 50 day simple moving average of $9.00 and a two-hundred day simple moving average of $9.16. The stock has a market capitalization of $1.13 billion, a P/E ratio of -6.91 and a beta of 2.56.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 16,209 shares of the company's stock in a transaction 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 completion of the sale, the insider now directly owns 74,616 shares in the company, valued at $831,968.40. This represents a 17.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Redfin in the fourth quarter worth $27,000. R Squared Ltd bought a new position in Redfin during the fourth quarter worth about $33,000. US Bancorp DE grew its position in shares of Redfin by 48.3% in the fourth quarter. US Bancorp DE now owns 5,522 shares of the company's stock valued at $43,000 after purchasing an additional 1,799 shares in the last quarter. Blue Trust Inc. increased its holdings in Redfin by 76.3% during the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company's stock worth $46,000 after acquiring an additional 2,520 shares during the period. Finally, AlphaQuest LLC grew its holdings in shares of Redfin by 87.8% during the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company's stock worth $56,000 after purchasing an additional 3,312 shares in the last quarter. Institutional investors and hedge funds own 61.07% of the company's stock.

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.