Redfin (NASDAQ:RDFN) Shares Down 7% – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) traded down 7% during mid-day trading on Friday . The stock traded as low as $8.14 and last traded at $8.04. 2,626,181 shares were traded during trading, a decline of 45% from the average session volume of 4,749,941 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Citigroup decreased their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Susquehanna upped their target price on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Wedbush upped their target price 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. Finally, DA Davidson restated a “neutral” rating and set a $7.25 target price on shares of Redfin in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.16.

Redfin Trading Down 9.9 %

The company has a market capitalization of $965.18 million, a PE ratio of -6.10 and a beta of 2.66. The stock’s 50-day moving average is $8.16 and its two-hundred day moving average is $9.43.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the company’s 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 transaction, the insider now directly owns 73,466 shares in the company, valued at $620,053.04. This represents a 18.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of hedge funds have recently added to or reduced their stakes in RDFN. Hollencrest Capital Management bought a new position in Redfin in the 3rd quarter worth about $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Redfin during the fourth quarter valued at approximately $27,000. R Squared Ltd bought a new position in shares of Redfin during the fourth quarter valued at approximately $33,000. Blue Trust Inc. boosted its stake in shares of Redfin by 285.7% during the third 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. Finally, US Bancorp DE boosted its stake in shares of 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 purchasing an additional 1,799 shares in the last quarter. 61.07% of the stock is currently owned by 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.