Redfin (NASDAQ:RDFN) Shares Up 7.5% - What's Next?

Redfin Co. (NASDAQ:RDFN - Get Free Report) shares shot up 7.5% during trading on Friday . The company traded as high as $8.85 and last traded at $8.77. 1,807,560 shares were traded during trading, a decline of 67% from the average session volume of 5,547,752 shares. The stock had previously closed at $8.16.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group lowered shares of Redfin from a "neutral" rating to a "sell" rating and increased their target price for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Wedbush upped their price objective on shares of Redfin from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. DA Davidson reaffirmed a "neutral" rating and issued a $7.25 price target on shares of Redfin in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of Redfin from $7.00 to $8.00 and gave the company a "neutral" rating in a research report on Tuesday, November 12th. Finally, Needham & Company LLC restated a "hold" rating on shares of Redfin in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Redfin currently has an average rating of "Hold" and a consensus target price of $8.98.

Redfin Stock Performance

The stock's fifty day moving average is $10.78 and its two-hundred day moving average is $8.72. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -7.16 and a beta of 2.70.

Redfin (NASDAQ:RDFN - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The firm had revenue of $278.02 million for the quarter, compared to analysts' expectations of $280.21 million. During the same period last year, the firm earned ($0.17) EPS. On average, equities research analysts expect that Redfin Co. will post -1.23 EPS for the current year.

Insiders Place Their Bets

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the business's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares of the company's stock, valued at approximately $252,714.54. The trade was a 21.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RDFN. Creative Planning lifted its stake in shares of Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company's stock worth $198,000 after purchasing an additional 1,181 shares during the period. Arizona State Retirement System grew its holdings in shares of Redfin by 5.4% in the second quarter. Arizona State Retirement System now owns 33,381 shares of the company's stock valued at $201,000 after purchasing an additional 1,710 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Redfin by 9.8% in the 1st quarter. ProShare Advisors LLC now owns 19,876 shares of the company's stock worth $132,000 after buying an additional 1,766 shares during the last quarter. Hollencrest Capital Management bought a new stake in Redfin in the third quarter worth $25,000. Finally, Financial Advocates Investment Management grew its holdings in Redfin by 21.6% during the 3rd quarter. Financial Advocates Investment Management now owns 11,815 shares of the company's stock valued at $148,000 after purchasing an additional 2,100 shares during the last quarter. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.