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

Shares of Redfin Co. (NASDAQ:RDFN) gapped down prior to trading on Friday . The stock had previously closed at $11.46, but opened at $10.21. Redfin shares last traded at $9.87, with a volume of 4,191,056 shares.

Analyst Ratings Changes

A number of equities analysts have commented on RDFN shares. Wedbush boosted their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Susquehanna reduced their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. B. Riley upped their price target on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.83.

Redfin Stock Performance

The firm has a market cap of $1.16 billion, a PE ratio of -8.14 and a beta of 2.70. The company’s 50-day simple moving average is $11.16 and its two-hundred day simple moving average is $8.46.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million for the quarter, compared to analysts’ expectations of $291.59 million. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.25) EPS. On average, analysts expect that Redfin Co. will post -1.13 EPS for the current year.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now directly owns 71,720 shares in the company, valued at approximately $663,410. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC raised its holdings in Redfin by 98.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock worth $536,000 after purchasing an additional 44,377 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Redfin by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after acquiring an additional 1,953,127 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Redfin in the 1st quarter worth about $58,000. SG Americas Securities LLC bought a new position in shares of Redfin in the 3rd quarter worth about $616,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after acquiring an additional 445,486 shares in the last quarter. 61.07% of the stock is currently owned by institutional investors.

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.