Redfin (NASDAQ:RDFN) Stock Price Down 6.7%

Redfin Co. (NASDAQ:RDFN) shares fell 6.7% during trading on Wednesday . The stock traded as low as $6.56 and last traded at $6.59. 985,182 shares were traded during mid-day trading, a decline of 80% from the average session volume of 4,878,688 shares. The stock had previously closed at $7.06.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RDFN. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Wednesday. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $8.00 to $9.00 in a report on Wednesday, May 8th. Citigroup decreased their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday. Finally, DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.31.

Redfin Price Performance

The company’s 50-day simple moving average is $6.81 and its 200 day simple moving average is $6.79. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 295.91. The stock has a market capitalization of $768.19 million, a price-to-earnings ratio of -5.49 and a beta of 2.65.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.76%. The business had revenue of $295.20 million for the quarter, compared to the consensus estimate of $291.59 million. During the same period last year, the business earned ($0.25) EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts forecast that Redfin Co. will post -1.15 EPS for the current year.

Insider Buying and Selling

In other news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total value of $25,278.72. Following the transaction, the insider now directly owns 57,274 shares in the company, valued at $398,627.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System grew 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 worth $201,000 after buying an additional 1,710 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Redfin by 9.8% during the 1st quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after purchasing an additional 1,766 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Redfin by 17.7% in the first quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock valued at $99,000 after purchasing an additional 2,241 shares in the last quarter. Mather Group LLC. raised its stake in shares of Redfin by 282.1% in the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares in the last quarter. Finally, Swiss National Bank lifted its position in Redfin by 1.3% in the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after purchasing an additional 2,900 shares during the period. 61.07% of the stock is owned by institutional investors.

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.