Redfin (NASDAQ:RDFN) Trading Down 3.2% – Here’s Why

Redfin Co. (NASDAQ:RDFN) shares fell 3.2% on Tuesday . The company traded as low as $8.22 and last traded at $8.27. 496,526 shares were traded during mid-day trading, a decline of 91% from the average session volume of 5,477,586 shares. The stock had previously closed at $8.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RDFN shares. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and upped their price target for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Jefferies Financial Group upped their target price on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Wedbush boosted their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. B. Riley upped their price objective on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Finally, DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.98.

Redfin Price Performance

The stock’s 50 day simple moving average is $9.60 and its 200-day simple moving average is $9.09. The company has a market capitalization of $1.03 billion, a PE ratio of -6.50 and a beta of 2.63.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same period in the previous year, the company earned ($0.17) earnings per share. On average, equities analysts predict that Redfin Co. will post -1.25 earnings per share for the current year.

Insider Transactions at Redfin

In related news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the transaction, the insider now owns 29,978 shares in the company, valued at $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

Several institutional investors have recently modified their holdings of RDFN. Hollencrest Capital Management acquired a new stake in Redfin in the third quarter valued at $25,000. Blue Trust Inc. raised its position in shares of Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after acquiring an additional 2,446 shares in the last quarter. Quest Partners LLC purchased a new stake in Redfin during the third quarter worth approximately $47,000. DekaBank Deutsche Girozentrale acquired a new position in Redfin in the third quarter valued at approximately $48,000. Finally, Algert Global LLC purchased a new position in Redfin in the second quarter valued at approximately $72,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.