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

Redfin Co. (NASDAQ:RDFN)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $11.46, but opened at $10.21. Redfin shares last traded at $9.87, with a volume of 4,191,056 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Jefferies Financial Group increased their price target on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. B. Riley raised their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Wedbush upped their price objective on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, JPMorgan Chase & Co. decreased their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.83.

Redfin Stock Performance

The firm has a fifty day simple moving average of $11.17 and a two-hundred day simple moving average of $8.52. The firm has a market cap of $1.18 billion, a PE ratio of -8.26 and a beta of 2.70.

Insider Activity

In related news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction 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 sale, the insider now owns 71,720 shares in the company, valued at approximately $663,410. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning raised its position in Redfin by 8.1% during the third quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after purchasing an additional 1,181 shares during the period. Arizona State Retirement System increased its position in shares of Redfin by 5.4% during the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock valued at $201,000 after purchasing an additional 1,710 shares during the last quarter. ProShare Advisors LLC raised its holdings in Redfin by 9.8% during the 1st quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock valued at $132,000 after buying an additional 1,766 shares during the period. Hollencrest Capital Management bought a new stake in Redfin in the third quarter worth $25,000. Finally, Financial Advocates Investment Management boosted its stake in Redfin by 21.6% during the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after buying an additional 2,100 shares during the period. Hedge funds and other institutional investors 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.