Redfin (RDFN) Shares Gap Down to $15.43

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Redfin Corp (NASDAQ:RDFN) shares gapped down prior to trading on Thursday . The stock had previously closed at $15.36, but opened at $15.43. Redfin shares last traded at $15.10, with a volume of 33025 shares trading hands.

RDFN has been the subject of a number of research analyst reports. BidaskClub cut Redfin from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. Cowen set a $23.00 target price on Redfin and gave the company a “buy” rating in a research note on Friday, October 19th. Macquarie initiated coverage on Redfin in a research note on Monday, September 17th. They issued a “neutral” rating and a $20.00 target price for the company. William Blair restated an “outperform” rating on shares of Redfin in a research note on Friday, August 10th. Finally, Stifel Nicolaus lowered their target price on Redfin from $25.00 to $20.00 and set a “hold” rating for the company in a research note on Friday, August 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $23.42.

The company has a market cap of $1.37 billion, a PE ratio of -75.30 and a beta of -0.63.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.02. The business had revenue of $140.30 million during the quarter, compared to analysts’ expectations of $139.45 million. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The firm’s quarterly revenue was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. On average, equities analysts anticipate that Redfin Corp will post -0.43 earnings per share for the current year.

In other Redfin news, CFO Christopher John Nielsen sold 10,000 shares of Redfin stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $17.80, for a total transaction of $178,000.00. Following the completion of the transaction, the chief financial officer now owns 10,000 shares in the company, valued at $178,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott Nagel sold 6,250 shares of Redfin stock in a transaction on Friday, October 26th. The stock was sold at an average price of $16.44, for a total value of $102,750.00. Following the completion of the sale, the insider now directly owns 14,583 shares of the company’s stock, valued at approximately $239,744.52. The disclosure for this sale can be found here. Insiders have sold 57,290 shares of company stock valued at $1,005,361 in the last quarter. 8.80% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the business. Trexquant Investment LP increased its holdings in shares of Redfin by 43.8% in the 3rd quarter. Trexquant Investment LP now owns 28,214 shares of the company’s stock worth $528,000 after purchasing an additional 8,600 shares in the last quarter. American International Group Inc. increased its holdings in shares of Redfin by 8.9% in the 3rd quarter. American International Group Inc. now owns 52,538 shares of the company’s stock worth $982,000 after purchasing an additional 4,303 shares in the last quarter. BBT Capital Management LLC increased its holdings in shares of Redfin by 17.4% in the 3rd quarter. BBT Capital Management LLC now owns 135,000 shares of the company’s stock worth $2,525,000 after purchasing an additional 20,000 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Redfin by 33.8% in the 3rd quarter. BlackRock Inc. now owns 4,953,847 shares of the company’s stock worth $92,637,000 after purchasing an additional 1,251,210 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Redfin by 34.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 314,250 shares of the company’s stock worth $5,876,000 after purchasing an additional 79,814 shares in the last quarter. 78.16% of the stock is owned by institutional investors and hedge funds.

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About Redfin (NASDAQ:RDFN)

Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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