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

Shares of Redfin Co. (NASDAQ:RDFN) gapped down before the market opened on Monday . The stock had previously closed at $10.21, but opened at $9.56. Redfin shares last traded at $9.22, with a volume of 2,872,280 shares trading hands.

Wall Street Analyst Weigh In

RDFN has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on Redfin from $7.00 to $12.50 and gave the company a “neutral” rating in a research note on Monday, March 24th. DA Davidson reaffirmed a “neutral” rating and set a $7.25 price target on shares of Redfin in a research note on Wednesday, February 19th. Citigroup reduced their price target on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. B. Riley downgraded shares of Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Redfin has a consensus rating of “Hold” and a consensus price target of $10.03.

Redfin Trading Up 3.9 %

The firm has a market capitalization of $1.21 billion, a P/E ratio of -7.48 and a beta of 2.90. The business’s 50 day simple moving average is $8.78 and its two-hundred day simple moving average is $9.41.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 16,209 shares of Redfin stock in a transaction on Friday, March 21st. The stock was sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the sale, the insider now directly owns 74,616 shares of the company’s stock, valued at $831,968.40. The trade was a 17.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Redfin in the 4th quarter valued at about $27,000. R Squared Ltd acquired a new stake in shares of Redfin during the fourth quarter worth about $33,000. US Bancorp DE raised its stake in Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after acquiring an additional 1,799 shares during the last quarter. Blue Trust Inc. increased its position in Redfin by 76.3% during the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after purchasing an additional 2,520 shares during the period. Finally, AlphaQuest LLC raised its holdings in Redfin by 87.8% during the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock worth $56,000 after purchasing an additional 3,312 shares during the last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

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.