Redfin (NASDAQ:RDFN) Trading Up 6.8% – Here’s Why

Redfin Co. (NASDAQ:RDFN) was up 6.8% during mid-day trading on Monday . The company traded as high as $8.35 and last traded at $8.44. Approximately 1,217,522 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 4,045,399 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RDFN shares. Susquehanna lifted their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Tuesday, November 19th. Citigroup decreased their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. B. Riley raised their target price on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Up 6.6 %

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -6.58 and a beta of 2.64. The business has a 50-day moving average of $8.47 and a 200-day moving average of $9.38.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same period last year, the firm posted ($0.17) earnings per share. Equities analysts anticipate that Redfin Co. will post -1.25 earnings per share for the current year.

Insiders Place Their Bets

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the sale, the insider now directly owns 73,466 shares of the company’s stock, valued at $620,053.04. This represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of institutional investors have recently made changes to their positions in the business. Hennessy Advisors Inc. bought a new position in shares of Redfin in the fourth quarter worth about $40,109,000. Geode Capital Management LLC increased its stake in shares of Redfin by 2.2% in the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after purchasing an additional 66,018 shares during the period. Two Sigma Advisers LP increased its stake in shares of Redfin by 124.9% in the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after purchasing an additional 1,193,900 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Redfin by 210.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after purchasing an additional 740,759 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Redfin by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after purchasing an additional 92,023 shares during the period. 61.07% of the stock is currently owned by institutional investors.

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.