Redfin (NASDAQ:RDFN) Shares Gap Down – Here’s Why

Redfin Co. (NASDAQ:RDFN)’s stock price 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 trading hands.

Analyst Ratings Changes

RDFN has been the subject of a number of analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Wedbush reissued a “neutral” rating and issued a $8.00 price target on shares of Redfin in a report on Wednesday, August 7th. B. Riley boosted their price target on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Susquehanna cut their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price target on shares of Redfin in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Redfin has a consensus rating of “Hold” and an average target price of $7.88.

Redfin Price Performance

The stock has a 50-day simple moving average of $10.79 and a 200-day simple moving average of $8.05. The stock has a market cap of $1.23 billion, a PE ratio of -8.70 and a beta of 2.68.

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

Insider Buying and Selling at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was 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 of the company’s stock, valued at $663,410. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redfin

Several institutional investors and hedge funds have recently modified their holdings of RDFN. Mather Group LLC. boosted its position in shares of Redfin by 282.1% in the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after buying an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after buying an additional 3,101 shares during the period. Blue Trust Inc. boosted its position in shares of Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after buying an additional 2,446 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Redfin in the first quarter worth about $58,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Redfin in the first quarter valued at about $72,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

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.