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

Redfin Co. (NASDAQ:RDFN) shares gapped down prior to trading on Monday . The stock had previously closed at $10.21, but opened at $9.56. Redfin shares last traded at $9.22, with a volume of 2,872,280 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Citigroup decreased their price target on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Susquehanna dropped their target price on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. B. Riley downgraded shares of Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. Gordon Haskett upgraded Redfin to a “hold” rating in a research note on Monday, March 10th. Finally, Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $10.03.

Redfin Stock Performance

The stock has a market cap of $1.21 billion, a P/E ratio of -7.48 and a beta of 2.90. The firm’s fifty day simple moving average is $8.78 and its 200-day simple moving average is $9.41.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 16,209 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $11.15, for a total value of $180,730.35. Following the completion of the sale, the insider now owns 74,616 shares in the company, valued at $831,968.40. The trade was a 17.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redfin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Redfin in the fourth quarter worth $27,000. R Squared Ltd bought a new stake in shares of Redfin during the fourth quarter valued at approximately $33,000. US Bancorp DE boosted its stake in Redfin by 48.3% during the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after buying an additional 1,799 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after buying an additional 2,520 shares during the last quarter. Finally, AlphaQuest LLC increased its position in Redfin by 87.8% during the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after acquiring an additional 3,312 shares during the last quarter. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.