Redfin (NASDAQ:RDFN) Shares Gap Up – Time to Buy?

Redfin Co. (NASDAQ:RDFN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $7.95, but opened at $8.13. Redfin shares last traded at $8.56, with a volume of 3,096,900 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Wedbush upped their price objective on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Citigroup reduced their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. increased their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and increased their target price for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Finally, Susquehanna increased their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Redfin currently has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

The business has a fifty day moving average price of $8.27 and a 200 day moving average price of $9.41. The company has a market capitalization of $1.11 billion, a PE ratio of -6.95 and a beta of 2.66.

Insider Transactions at Redfin

In other news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares in the company, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian John Taubman sold 16,333 shares of the stock in a transaction dated Monday, December 23rd. The shares were 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 of the company’s stock, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of hedge funds have recently bought and sold shares of RDFN. The Manufacturers Life Insurance Company grew its stake in Redfin by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,971 shares of the company’s stock valued at $270,000 after purchasing an additional 3,371 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Redfin during the 3rd quarter valued at approximately $616,000. CWM LLC grew its stake in Redfin by 45.6% during the 3rd quarter. CWM LLC now owns 8,725 shares of the company’s stock valued at $109,000 after purchasing an additional 2,734 shares in the last quarter. Creative Planning grew its stake in Redfin by 8.1% during the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after purchasing an additional 1,181 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares in the last quarter. Institutional investors and hedge funds 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.