Redfin (NASDAQ:RDFN) Trading Up 7% – Should You Buy?

by · The Markets Daily

Redfin Co. (NASDAQ:RDFN – Get Free Report)’s stock price was up 7% during trading on Wednesday . The company traded as high as $10.40 and last traded at $10.39. Approximately 2,775,621 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 5,480,669 shares. The stock had previously closed at $9.71.

Analyst Ratings Changes

RDFN has been the subject of several analyst reports. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, August 7th. B. Riley raised their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, September 30th. DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research note on Wednesday, July 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group increased their price target on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.20.

Read Our Latest Research Report on RDFN

Redfin Stock Up 6.0 %

The stock has a market cap of $1.25 billion, a P/E ratio of -8.73 and a beta of 2.68. The business’s 50 day simple moving average is $11.11 and its two-hundred day simple moving average is $8.25.

Redfin (NASDAQ:RDFN – Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. Redfin’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.25) earnings per share. As a group, research analysts forecast that Redfin Co. will post -1.13 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction on 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 directly owns 71,720 shares in the company, valued at $663,410. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors have recently modified their holdings of RDFN. Mather Group LLC. lifted its stake in shares of Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares in the last quarter. Blue Trust Inc. grew its holdings in 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 purchasing an additional 2,446 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in Redfin in the third quarter valued at $48,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Redfin during the first quarter valued at about $58,000. 61.07% of the stock is owned by institutional investors.

About Redfin

(Get Free Report)

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.

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