Redfin (NASDAQ:RDFN) Trading Up 7.4% – Here’s Why

Redfin Co. (NASDAQ:RDFN)’s share price was up 7.4% during trading on Friday . The stock traded as high as $11.40 and last traded at $11.32. Approximately 3,420,920 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 5,504,276 shares. The stock had previously closed at $10.54.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RDFN shares. B. Riley boosted their price objective on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. 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. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. DA Davidson restated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Wednesday, July 3rd. Finally, Wedbush restated a “neutral” rating and issued a $8.00 target price on shares of Redfin in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Redfin has an average rating of “Hold” and an average target price of $7.88.

Redfin Trading Up 6.5 %

The stock’s 50 day moving average price is $10.79 and its 200 day moving average price is $8.04. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -9.60 and a beta of 2.68.

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

Insider Buying and Selling

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

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently bought and sold shares of RDFN. Vanguard Group Inc. increased its position in Redfin by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after purchasing an additional 1,953,127 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Redfin by 25.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after acquiring an additional 445,486 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Redfin by 695.2% in the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock valued at $2,113,000 after acquiring an additional 307,396 shares in the last quarter. Manchester Capital Management LLC grew its position in Redfin by 135.7% in the first quarter. Manchester Capital Management LLC now owns 144,118 shares of the company’s stock valued at $958,000 after acquiring an additional 82,965 shares in the last quarter. Finally, Ensign Peak Advisors Inc acquired a new stake in Redfin in the second quarter valued at approximately $479,000. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.