Redfin (NASDAQ:RDFN) Shares Down 3.8% – Should You Sell?

Redfin Co. (NASDAQ:RDFN) was down 3.8% during trading on Wednesday . The stock traded as low as $8.39 and last traded at $8.35. Approximately 483,216 shares traded hands during trading, a decline of 89% from the average daily volume of 4,212,708 shares. The stock had previously closed at $8.68.

Analysts Set New Price Targets

Several research firms have recently commented on RDFN. Citigroup cut their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Jefferies Financial Group boosted their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Wedbush lifted 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. DA Davidson reaffirmed a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and boosted their price target for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Redfin has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

The company has a fifty day moving average price of $8.50 and a two-hundred day moving average price of $9.38.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (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 analysts’ expectations of $280.21 million. During the same period in the prior year, the business posted ($0.17) EPS. On average, research analysts anticipate that Redfin Co. will post -1.25 EPS for the current year.

Insider Activity at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares in the company, valued at approximately $252,714.54. This represents a 21.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 transaction of $137,850.52. Following the transaction, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Trading of Redfin

Several large investors have recently made changes to their positions in RDFN. Hennessy Advisors Inc. acquired a new position in Redfin during the 4th quarter valued at about $40,109,000. Geode Capital Management LLC lifted its stake in Redfin by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock valued at $37,884,000 after acquiring an additional 66,018 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in Redfin by 124.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after acquiring an additional 1,193,900 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Redfin by 10.2% in the 3rd 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 in the last quarter. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.