Redfin (NASDAQ:RDFN) Shares Down 4.4%

Redfin Co. (NASDAQ:RDFN) shares fell 4.4% on Tuesday . The stock traded as low as $5.53 and last traded at $5.59. 1,950,290 shares were traded during mid-day trading, a decline of 60% from the average session volume of 4,892,860 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

Several research firms have weighed in on RDFN. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Thursday, May 16th. Wedbush reiterated a “neutral” rating and issued a $8.00 price target on shares of Redfin in a research note on Wednesday, May 8th. DA Davidson boosted their price target on shares of Redfin from $6.75 to $7.25 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Susquehanna boosted their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Monday, May 13th. Finally, Citigroup decreased their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.08.

Redfin Price Performance

The firm’s 50-day moving average price is $6.34 and its two-hundred day moving average price is $7.16. The stock has a market cap of $665.45 million, a PE ratio of -4.66 and a beta of 2.66. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last posted its earnings results on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.01. The company had revenue of $225.50 million during the quarter, compared to analysts’ expectations of $217.79 million. Redfin had a negative net margin of 13.76% and a negative return on equity of 1,780.89%. Redfin’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.93) earnings per share. On average, equities analysts expect that Redfin Co. will post -1.11 earnings per share for the current fiscal year.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $6.96, for a total transaction of $25,278.72. Following the sale, the insider now owns 57,274 shares in the company, valued at $398,627.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Redfin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its holdings in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares in the last quarter. EntryPoint Capital LLC purchased a new position in shares of Redfin in the first quarter worth about $58,000. New York State Teachers Retirement System purchased a new position in shares of Redfin in the first quarter worth about $66,000. First Trust Direct Indexing L.P. purchased a new position in shares of Redfin in the first quarter worth about $72,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in shares of Redfin in the third quarter worth about $82,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

About Redfin

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.