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

Redfin Co. (NASDAQ:RDFN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $9.63, but opened at $9.18. Redfin shares last traded at $9.33, with a volume of 611,720 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RDFN. Jefferies Financial Group lifted their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. DA Davidson reaffirmed a “neutral” rating and set a $7.25 target price on shares of Redfin in a research report on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. B. Riley lifted their price objective on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.98.

Redfin Stock Up 0.5 %

The firm has a market cap of $1.20 billion, a P/E ratio of -7.55 and a beta of 2.70. The firm’s 50-day simple moving average is $10.61 and its 200 day simple moving average is $8.77.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The firm had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same period in the prior year, the firm posted ($0.17) EPS. As a group, analysts forecast that Redfin Co. will post -1.23 earnings per share for the current year.

Insider Buying and Selling at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the transaction, the insider now owns 29,978 shares in the company, valued at $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of institutional investors have recently modified their holdings of RDFN. Mather Group LLC. raised its holdings in Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after acquiring an additional 2,821 shares during the period. Hollencrest Capital Management purchased a new position in shares of Redfin in the third quarter valued at $25,000. Blue Trust Inc. raised its stake in shares of Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares during the period. Quest Partners LLC purchased a new stake in Redfin during the 3rd quarter worth about $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in Redfin in the 3rd quarter worth about $48,000. 61.07% of the stock is currently owned by hedge funds and other 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.