Redfin (NASDAQ:RDFN) Trading Up 7% - Should You Buy?

Redfin Co. (NASDAQ:RDFN - Get Free Report)'s share price shot up 7% on Monday . The company traded as high as $11.41 and last traded at $11.45. 5,552,712 shares were traded during mid-day trading, a decline of 8% from the average session volume of 6,048,621 shares. The stock had previously closed at $10.70.

Analysts Set New Price Targets

RDFN has been the subject of a number of recent analyst reports. Gordon Haskett upgraded shares of Redfin to a "hold" rating in a research note on Monday, March 10th. B. Riley cut shares of Redfin from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 10th. Citigroup cut their price target on shares of Redfin from $10.50 to $9.00 and set a "neutral" rating for the company in a research note on Friday, January 3rd. Needham & Company LLC reiterated a "hold" rating on shares of Redfin in a research note on Tuesday, March 11th. Finally, Zelman & Associates upgraded shares of Redfin to a "strong-buy" rating in a research note on Wednesday, March 5th. 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 company. According to data from MarketBeat, Redfin has an average rating of "Hold" and a consensus price target of $9.48.

Redfin Stock Performance

The stock has a market capitalization of $1.41 billion, a P/E ratio of -8.75 and a beta of 2.90. The firm's fifty day simple moving average is $8.36 and its 200 day simple moving average is $9.45.

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Insider Buying and Selling at Redfin

In related 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 sale, the insider now directly owns 73,466 shares of the company's stock, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Redfin

Several hedge funds have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Redfin by 14.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,481 shares of the company's stock worth $2,034,000 after buying an additional 33,327 shares during the period. Two Sigma Advisers LP boosted its position in Redfin by 17.4% during the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company's stock worth $19,865,000 after buying an additional 374,200 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Redfin during the 4th quarter worth approximately $27,000. Point72 Asset Management L.P. acquired a new stake in Redfin during the 4th quarter worth approximately $1,018,000. Finally, ProShare Advisors LLC boosted its position in Redfin by 51.9% during the 4th quarter. ProShare Advisors LLC now owns 33,663 shares of the company's stock worth $265,000 after buying an additional 11,503 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.