Redfin (NASDAQ:RDFN) Trading Down 5.5% – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) shares traded down 5.5% on Wednesday . The stock traded as low as $8.36 and last traded at $8.36. 1,039,105 shares were traded during mid-day trading, a decline of 83% from the average session volume of 6,186,881 shares. The stock had previously closed at $8.85.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RDFN shares. JPMorgan Chase & Co. increased their price objective on shares of Redfin from $7.00 to $12.50 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Tuesday, March 11th. Susquehanna lowered their target price on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Finally, DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Wednesday, February 19th. One equities research 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.03.

Redfin Trading Up 0.1 %

The firm has a market capitalization of $1.04 billion, a PE ratio of -6.41 and a beta of 2.56. The business has a 50-day moving average of $8.99 and a 200 day moving average of $9.21.

Insider Activity at Redfin

In related 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 sale, the insider now directly owns 74,616 shares in the company, valued at approximately $831,968.40. This trade represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Redfin

Hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Redfin during the fourth quarter worth about $27,000. R Squared Ltd bought a new position in shares of Redfin during the 4th quarter valued at approximately $33,000. US Bancorp DE raised its holdings in shares of Redfin by 48.3% in the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after purchasing an additional 1,799 shares during the period. Blue Trust Inc. raised its holdings in shares of Redfin by 76.3% in 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 lifted its stake in Redfin by 87.8% in the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after purchasing an additional 3,312 shares during 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.