Redfin (NASDAQ:RDFN) Trading Down 3.2% - Should You Sell?

Redfin Co. (NASDAQ:RDFN - Get Free Report) shares were down 3.2% on Tuesday . The company traded as low as $8.22 and last traded at $8.27. Approximately 496,526 shares traded hands during trading, a decline of 91% from the average daily volume of 5,477,586 shares. The stock had previously closed at $8.54.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RDFN. JPMorgan Chase & Co. upped their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a "neutral" rating in a report on Tuesday, November 12th. Susquehanna upped their price target on Redfin from $7.00 to $10.00 and gave the stock a "neutral" rating in a research note on Monday, November 11th. Jefferies Financial Group raised their price target on Redfin from $7.50 to $11.50 and gave the stock a "hold" rating in a research report on Tuesday, October 22nd. DA Davidson reiterated a "neutral" rating and issued a $7.25 price objective on shares of Redfin in a report on Tuesday, November 19th. Finally, The Goldman Sachs Group cut Redfin from a "neutral" rating to a "sell" rating and raised their target price for the company from $6.00 to $6.50 in a report on Monday, November 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $8.98.

Redfin Stock Down 2.2 %

The stock has a 50-day moving average price of $9.60 and a 200 day moving average price of $9.09. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.52 and a beta of 2.63.

Redfin (NASDAQ:RDFN - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same period in the previous year, the business earned ($0.17) EPS. As a group, equities analysts forecast that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Insider Activity at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the 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 transaction, the insider now directly owns 29,978 shares in the company, valued at $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Redfin

Large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in Redfin by 2.2% during the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company's stock worth $37,884,000 after acquiring an additional 66,018 shares during the period. Two Sigma Advisers LP grew its stake in shares of Redfin by 124.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company's stock worth $26,938,000 after purchasing an additional 1,193,900 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Redfin by 210.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company's stock valued at $13,687,000 after purchasing an additional 740,759 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Redfin by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company's stock valued at $12,508,000 after purchasing an additional 92,023 shares during the period. Finally, Tidal Investments LLC acquired a new position in Redfin during the third quarter worth about $10,650,000. 61.07% of the stock is owned by institutional investors and hedge funds.

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.