Shares of Redfin Co. (NASDAQ:RDFN - Get Free Report) dropped 5.5% on Tuesday . The company traded as low as $7.65 and last traded at $7.77. Approximately 2,312,136 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 3,832,916 shares. The stock had previously closed at $8.22.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. DA Davidson reissued a "neutral" rating and set a $7.25 target price on shares of Redfin in a research note on Tuesday, November 19th. The Goldman Sachs Group downgraded Redfin from a "neutral" rating to a "sell" rating and lifted their target price for the company from $6.00 to $6.50 in a research note on Monday, November 18th. B. Riley increased their price target on Redfin from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. Susquehanna lifted their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. increased 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Redfin presently has an average rating of "Hold" and a consensus target price of $9.16.
Read Our Latest Analysis on Redfin
Redfin Price Performance
The stock has a market capitalization of $944.73 million, a P/E ratio of -5.95 and a beta of 2.64. The stock's fifty day moving average is $9.12 and its two-hundred day moving average is $9.22.
Redfin (NASDAQ:RDFN - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $280.21 million. During the same period in the previous year, the company posted ($0.17) earnings per share. Analysts expect that Redfin Co. will post -1.25 EPS for the current year.
Insiders Place Their Bets
In other Redfin news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction 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 sale, the insider now owns 29,978 shares of the company's stock, valued at $252,714.54. The trade was a 21.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company's stock.
Institutional Investors Weigh In On Redfin
A number of institutional investors have recently bought and sold shares of RDFN. Bank of New York Mellon Corp lifted its position in Redfin by 15.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company's stock worth $2,681,000 after buying an additional 59,689 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Redfin by 12.2% during the second quarter. Rhumbline Advisers now owns 177,096 shares of the company's stock worth $1,064,000 after acquiring an additional 19,229 shares in the last quarter. Arizona State Retirement System boosted its position in Redfin by 5.4% during 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 during the last quarter. Headlands Technologies LLC grew its stake in Redfin by 61.8% in the second quarter. Headlands Technologies LLC now owns 54,288 shares of the company's stock valued at $326,000 after purchasing an additional 20,737 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in Redfin in the 2nd quarter worth about $108,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.
Redfin Company Profile
(
Get Free Report)
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.
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