Redfin (NASDAQ:RDFN) Shares Gap Up to $13.64

Redfin Co. (NASDAQ:RDFN) gapped up before the market opened on Tuesday . The stock had previously closed at $13.64, but opened at $14.00. Redfin shares last traded at $14.07, with a volume of 1,563,949 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a report on Wednesday, August 7th. B. Riley upgraded shares of Redfin from a “neutral” rating to a “buy” rating and raised their price target for the stock from $7.50 to $13.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Susquehanna decreased their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Two equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.68.

Redfin Stock Performance

The business’s fifty day moving average price is $8.74 and its 200-day moving average price is $7.14. The stock has a market capitalization of $1.68 billion, a PE ratio of -11.46 and a beta of 2.66. 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 issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The company had revenue of $295.20 million for the quarter, compared to the consensus estimate of $291.59 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.25) earnings per share. As a group, equities research analysts expect that Redfin Co. will post -1.13 EPS for the current year.

Insiders Place Their Bets

In related news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the completion of the sale, the insider now directly owns 71,720 shares in the company, valued at approximately $663,410. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Redfin

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Redfin by 11.3% in the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after buying an additional 1,953,127 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in 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 acquiring an additional 445,486 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Redfin by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock valued at $9,140,000 after purchasing an additional 29,618 shares during the last quarter. Trexquant Investment LP increased its holdings in shares of Redfin by 208.8% in the 4th quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock worth $6,377,000 after purchasing an additional 417,811 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Redfin by 15.4% in the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after purchasing an additional 59,689 shares during the last quarter. Institutional investors 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.