Redfin (NASDAQ:RDFN) Stock Price Down 5.6%

Redfin Co. (NASDAQ:RDFN) traded down 5.6% during trading on Monday . The company traded as low as $13.55 and last traded at $13.64. 5,436,986 shares were traded during mid-day trading, an increase of 2% from the average session volume of 5,333,313 shares. The stock had previously closed at $14.45.

Wall Street Analyst Weigh In

RDFN has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Susquehanna cut their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research report on Wednesday, August 7th. Finally, DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $7.68.

Redfin Stock Performance

The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 295.91. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -11.36 and a beta of 2.66. The stock has a 50-day simple moving average of $8.60 and a 200-day simple moving average of $7.09.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $295.20 million for the quarter, compared to the consensus estimate of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The firm’s 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) EPS. On average, analysts anticipate that Redfin Co. will post -1.13 earnings per share for the current year.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the firm’s 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 transaction, the insider now directly owns 71,720 shares in the company, valued at $663,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Redfin

Several hedge funds have recently made changes to their positions in RDFN. Point72 Asset Management L.P. bought a new stake in Redfin in the second quarter valued at $159,000. Algert Global LLC acquired a new position in Redfin during the 2nd quarter valued at about $72,000. Susquehanna Fundamental Investments LLC raised its holdings in shares of Redfin by 98.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock valued at $536,000 after buying an additional 44,377 shares during the last quarter. Scientech Research LLC grew its position in Redfin by 162.7% in the 2nd quarter. Scientech Research LLC now owns 84,562 shares of the company’s stock valued at $508,000 after buying an additional 52,367 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Redfin by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,971 shares of the company’s stock valued at $270,000 after purchasing an additional 3,371 shares during the period. 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.