Redfin (NASDAQ:RDFN) Shares Down 4.6% - Should You Sell?
Redfin (NASDAQ:RDFN) shares fell 4.6% during mid-day trading, reaching a low of $0.80 before closing at $0.81. The trading volume was significantly lower than average. Analysts have mixed ratings on the stock, with two sell ratings, eight holds, and two buys. The company reported a quarterly loss of $0.28 per share, missing estimates. Insider trading activity showed a decrease in holdings by an insider. Institutional investors hold 61.07% of Redfin's stock. The consensus rating is 'Hold' with a price target of $0.98.
Redfin Co. (NASDAQ:RDFN - Get Free Report)'s stock price dropped 4.6% during mid-day trading on Friday . The company traded as low as $8.80 and last traded at $8.81. Approximately 1,333,021 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 5,505,724 shares. The stock had previously closed at $9.23.
Analyst Ratings Changes
- Why Zillow Group Could Soar with the Upcoming Interest Rate Cuts
RDFN has been the subject of several recent analyst reports. B. Riley lifted 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. The Goldman Sachs Group cut Redfin from a "neutral" rating to a "sell" rating and upped their price target for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Jefferies Financial Group raised their price target on shares of Redfin from $7.50 to $11.50 and gave the company a "hold" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a "neutral" rating in a report on Tuesday, November 12th. Finally, DA Davidson restated a "neutral" rating and set a $7.25 target price on shares of Redfin in a research note on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $8.98.
Get Our Latest Stock Report on RDFN
Redfin Stock Down 3.1 %
- Is Redfin Stock a Buy? Housing Market Recovery Could Fuel Upside
The firm has a market capitalization of $1.11 billion, a PE ratio of -7.21 and a beta of 2.63. The firm's 50-day moving average price is $9.88 and its two-hundred day moving average price is $8.95.
Redfin (NASDAQ:RDFN - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share 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 analyst estimates of $280.21 million. During the same quarter in the previous year, the business earned ($0.17) earnings per share. Equities research analysts forecast that Redfin Co. will post -1.25 EPS for the current year.
Insider Activity at Redfin
- PulteGroup Wins and Wins More on Interest Rate Cuts
In related news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.40% of the stock is owned by company insiders.
Institutional Investors Weigh In On Redfin
Several institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Advisors LLC bought a new stake in shares of Redfin during the first quarter worth $89,000. Sequoia Financial Advisors LLC grew its position in shares of Redfin by 22.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 31,974 shares of the company's stock worth $192,000 after buying an additional 5,933 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Redfin by 695.2% during the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company's stock worth $2,113,000 after buying an additional 307,396 shares during the last quarter. CAP Partners LLC lifted its holdings in Redfin by 14.6% in the second quarter. CAP Partners LLC now owns 36,257 shares of the company's stock valued at $218,000 after buying an additional 4,624 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Redfin by 15.4% during the 2nd 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 during the period. Institutional investors and hedge funds own 61.07% of the company's stock.
About Redfin
(Get Free Report)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.
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