Redfin (NASDAQ:RDFN) Shares Down 5.5% – What’s Next?

Redfin Co. (NASDAQ:RDFN)’s stock price fell 5.5% on Tuesday . The company traded as low as $7.65 and last traded at $7.77. 2,312,136 shares changed hands during trading, a decline of 40% from the average session volume of 3,832,916 shares. The stock had previously closed at $8.22.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RDFN shares. Citigroup cut their price target on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and lifted their price target for the company from $6.00 to $6.50 in a research report on Monday, November 18th. B. Riley boosted their price target on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Susquehanna raised their price objective on Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Wedbush boosted their target price on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Redfin currently has a consensus rating of “Hold” and an average price target of $9.16.

Redfin Stock Performance

The firm has a market capitalization of $957.13 million, a price-to-earnings ratio of -6.03 and a beta of 2.64. The business has a fifty day moving average price of $9.12 and a 200 day moving average price of $9.22.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same period in the previous year, the company earned ($0.17) EPS. On average, analysts expect that Redfin Co. will post -1.25 earnings per share for the current year.

Insider Activity

In other news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were 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 of the company’s stock, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the sale, the insider now directly owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Redfin by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after acquiring an additional 92,023 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its holdings in Redfin by 98.9% during 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 during the last quarter. Tidal Investments LLC acquired a new position in shares of Redfin in the 3rd quarter valued at approximately $10,650,000. SG Americas Securities LLC purchased a new position in shares of Redfin during the 3rd quarter valued at approximately $616,000. Finally, Geode Capital Management LLC grew its position in shares of Redfin by 2.2% during the third quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after buying an additional 66,018 shares in the last quarter. 61.07% of the stock is owned by hedge funds and other 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.