Redfin (NASDAQ:RDFN) Shares Gap Down – Should You Sell?

Shares of Redfin Co. (NASDAQ:RDFN) gapped down before the market opened on Monday . The stock had previously closed at $11.23, but opened at $10.85. Redfin shares last traded at $10.32, with a volume of 5,015,395 shares traded.

Wall Street Analysts Forecast Growth

RDFN has been the subject of several research reports. DA Davidson restated a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Wednesday, July 3rd. JPMorgan Chase & Co. 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 Thursday, August 8th. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a report on Wednesday, August 7th. Susquehanna reduced 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. Finally, Jefferies Financial Group lifted their target price on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Redfin currently has an average rating of “Hold” and an average price target of $8.20.

Redfin Price Performance

The stock’s 50 day moving average price is $10.92 and its two-hundred day moving average price is $8.11. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -8.97 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. During the same quarter in the previous year, the firm posted ($0.25) earnings per share. Redfin’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Redfin Co. will post -1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the sale, the insider now owns 71,720 shares in the company, valued at approximately $663,410. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after acquiring an additional 2,446 shares in the last quarter. Mather Group LLC. raised its holdings in Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after acquiring an additional 2,821 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Redfin by 205.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after acquiring an additional 3,101 shares in the last quarter. CWM LLC raised its holdings in Redfin by 45.6% in the 3rd quarter. CWM LLC now owns 8,725 shares of the company’s stock valued at $109,000 after acquiring an additional 2,734 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Redfin in the 1st quarter valued at approximately $58,000. 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.