Redfin (NASDAQ:RDFN) Trading Down 5.6%

Redfin Co. (NASDAQ:RDFN)’s stock price fell 5.6% during trading on Monday . The stock traded as low as $13.55 and last traded at $13.64. 5,436,986 shares changed hands 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.

Analyst Ratings Changes

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

Redfin Price Performance

The company has a market cap 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 two-hundred day simple moving average of $7.09. 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 announced its earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The company had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. Redfin’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the business posted ($0.25) EPS. On average, equities research analysts predict that Redfin Co. will post -1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Redfin 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 value of $33,596.00. Following the sale, the insider now directly owns 71,720 shares in the company, valued at $663,410. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.40% of the stock is currently owned by company insiders.

Institutional Trading of Redfin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDFN. Susquehanna Fundamental Investments LLC purchased a new position in shares of Redfin in the 1st quarter valued at $298,000. Charles Schwab Investment Management Inc. grew its holdings 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 worth $9,140,000 after purchasing an additional 29,618 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Redfin by 11.3% during the first 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. EntryPoint Capital LLC purchased a new stake in shares of Redfin in the 1st quarter valued at about $58,000. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of 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 purchasing an additional 445,486 shares during the period. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.