Redfin (NASDAQ:RDFN) Trading 8.5% Higher – Here’s What Happened

Redfin Co. (NASDAQ:RDFN)’s stock price was up 8.5% during trading on Friday . The stock traded as high as $10.49 and last traded at $10.49. Approximately 1,253,878 shares traded hands during trading, a decline of 77% from the average daily volume of 5,529,830 shares. The stock had previously closed at $9.67.

Analysts Set New Price Targets

A number of analysts recently weighed in on RDFN shares. B. Riley upped their target price on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price objective on Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Wedbush upped their target price on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, 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 report on Tuesday, October 22nd. Two equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.98.

Redfin Price Performance

The firm has a market cap of $1.22 billion, a PE ratio of -7.66 and a beta of 2.63. The company has a 50 day simple moving average of $10.08 and a 200-day simple moving average of $8.88.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the business earned ($0.17) earnings per share. On average, sell-side analysts predict that Redfin Co. will post -1.25 EPS for the current fiscal year.

Insider Transactions at Redfin

In other news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in shares of Redfin by 8.1% in the third quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after acquiring an additional 1,181 shares during the period. Arizona State Retirement System grew its stake in shares of Redfin by 5.4% in the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after purchasing an additional 1,710 shares during the last quarter. Hollencrest Capital Management purchased a new position in Redfin during the 3rd quarter valued at about $25,000. Financial Advocates Investment Management raised its position in Redfin by 21.6% during the 3rd quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock valued at $148,000 after purchasing an additional 2,100 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after buying an additional 2,446 shares during the period. 61.07% of the stock is currently owned by 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.