Redfin (NASDAQ:RDFN) Shares Down 5.9%

Redfin Co. (NASDAQ:RDFN)’s share price dropped 5.9% during mid-day trading on Wednesday . The company traded as low as $11.80 and last traded at $11.81. Approximately 4,294,202 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 5,512,979 shares. The stock had previously closed at $12.55.

Wall Street Analyst Weigh In

RDFN has been the topic of a number of recent research reports. B. Riley raised their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday. Wedbush restated a “neutral” rating and issued a $8.00 price target on shares of Redfin in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, July 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Redfin presently has a consensus rating of “Hold” and an average target price of $7.88.

Redfin Stock Performance

The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.48 and a current ratio of 1.48. The company’s 50 day simple moving average is $9.92 and its 200 day simple moving average is $7.63.

Redfin (NASDAQ:RDFN) last released its earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million for the quarter, compared to analysts’ expectations of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. Redfin’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.25) EPS. As a group, research analysts forecast that Redfin Co. will post -1.13 earnings per share for the current year.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the transaction, the insider now owns 71,720 shares of the company’s stock, valued at approximately $663,410. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Redfin by 11.3% in 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 during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Redfin by 25.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after acquiring an additional 445,486 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Redfin by 15.4% in the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after acquiring an additional 59,689 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Redfin by 695.2% in the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock worth $2,113,000 after acquiring an additional 307,396 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Redfin by 1.3% in the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after acquiring an additional 2,900 shares in the last quarter. 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.