Redfin (NASDAQ:RDFN) Shares Down 5.5% – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) fell 5.5% on Tuesday . The stock traded as low as $7.65 and last traded at $7.77. 2,312,136 shares changed hands during trading, a decline of 40% from the average session volume of 3,832,916 shares. The stock had previously closed at $8.22.

Analyst Ratings Changes

RDFN has been the topic of a number of recent research reports. B. Riley lifted their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Wedbush upped 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. Jefferies Financial Group lifted their price target on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Susquehanna increased their price objective on Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. lifted their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.16.

Redfin Price Performance

The firm has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $9.22. The firm has a market capitalization of $919.93 million, a P/E ratio of -5.80 and a beta of 2.64.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, research analysts anticipate that Redfin Co. will post -1.25 EPS for the current year.

Insider Buying and Selling at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction 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 directly owns 29,978 shares of the company’s stock, valued at $252,714.54. This trade represents a 21.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christian John Taubman sold 16,333 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of large investors have recently added to or reduced their stakes in RDFN. Geode Capital Management LLC increased its stake in Redfin by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after purchasing an additional 66,018 shares during the period. Two Sigma Advisers LP boosted its position in Redfin by 124.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock valued at $26,938,000 after buying an additional 1,193,900 shares during the period. Assenagon Asset Management S.A. grew its holdings in Redfin by 210.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after acquiring an additional 740,759 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Redfin by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after purchasing an additional 92,023 shares during the period. Finally, Tidal Investments LLC purchased a new position in Redfin during the 3rd quarter valued at $10,650,000. 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.