Redfin (NASDAQ:RDFN) Shares Up 8.7%

Redfin Co. (NASDAQ:RDFN)’s stock price rose 8.7% on Friday . The company traded as high as $5.65 and last traded at $5.63. Approximately 967,889 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 5,139,923 shares. The stock had previously closed at $5.18.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Gordon Haskett downgraded shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective for the company. in a research report on Thursday, February 29th. Citigroup cut their price target on shares of Redfin from $10.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, February 29th. DA Davidson reissued a “neutral” rating and set a $6.75 price objective on shares of Redfin in a report on Friday, March 22nd. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Redfin in a report on Wednesday, February 28th. Finally, Royal Bank of Canada cut their price target on Redfin from $10.00 to $9.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.92.

Redfin Price Performance

The company has a market capitalization of $670.13 million, a price-to-earnings ratio of -4.77 and a beta of 2.66. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 295.91. The company’s 50 day simple moving average is $6.36 and its 200-day simple moving average is $7.15.

Redfin (NASDAQ:RDFN) last released its earnings results on Tuesday, February 27th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The firm had revenue of $218.08 million during the quarter, compared to analysts’ expectations of $220.32 million. During the same period in the previous year, the company earned ($0.83) EPS. Redfin’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts predict that Redfin Co. will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Anna Stevens sold 10,851 shares of Redfin stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the transaction, the insider now directly owns 15,477 shares in the company, valued at $104,934.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the completion of the sale, the insider now owns 52,117 shares of the company’s stock, valued at approximately $359,607.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Anna Stevens sold 10,851 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the completion of the transaction, the insider now directly owns 15,477 shares in the company, valued at approximately $104,934.06. The disclosure for this sale can be found here. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Redfin by 7.9% during the 4th quarter. Vanguard Group Inc. now owns 17,238,307 shares of the company’s stock worth $177,899,000 after buying an additional 1,260,746 shares during the last quarter. Trexquant Investment LP grew its position in shares of Redfin by 208.8% during the fourth quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock worth $6,377,000 after acquiring an additional 417,811 shares during the last quarter. HST Ventures LLC acquired a new stake in shares of Redfin in the 4th quarter worth about $4,086,000. Qube Research & Technologies Ltd lifted its position in Redfin by 144.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 499,577 shares of the company’s stock valued at $3,517,000 after purchasing an additional 294,802 shares during the last quarter. Finally, TB Alternative Assets Ltd. acquired a new position in Redfin during the 4th quarter valued at about $2,050,000. 61.07% of the stock is currently 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.