Redfin (NASDAQ:RDFN) Shares Gap Up to $13.64

Redfin Co. (NASDAQ:RDFN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $13.64, but opened at $14.00. Redfin shares last traded at $14.07, with a volume of 1,563,949 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RDFN shares. Susquehanna cut their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Wedbush reissued a “neutral” rating and issued a $8.00 target price on shares of Redfin in a report on Wednesday, August 7th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 price target on shares of Redfin in a research note on Wednesday, July 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Redfin currently has an average rating of “Hold” and a consensus target price of $7.68.

Redfin Stock Up 1.2 %

The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -11.46 and a beta of 2.66. The firm has a 50-day moving average of $8.74 and a 200 day moving average of $7.14. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.48 and a quick ratio of 1.48.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million for the quarter, compared to analyst estimates of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.25) earnings per share. As a group, sell-side analysts forecast that Redfin Co. will post -1.13 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the sale, the insider now directly owns 71,720 shares of the company’s stock, valued at approximately $663,410. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Redfin by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after purchasing an additional 1,953,127 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after acquiring an additional 445,486 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Redfin by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock valued at $9,140,000 after acquiring an additional 29,618 shares during the last quarter. Trexquant Investment LP lifted its holdings 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 purchasing an additional 417,811 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Redfin by 15.4% in the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after purchasing an additional 59,689 shares during the last quarter. Institutional investors own 61.07% of the company’s stock.

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.