Christian John Taubman Sells 3,632 Shares of Redfin Co. (NASDAQ:RDFN) Stock

Redfin Co. (NASDAQ:RDFN) insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the completion of the transaction, the insider now directly owns 71,720 shares in the company, valued at approximately $663,410. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Redfin Stock Performance

Shares of NASDAQ:RDFN traded up $0.28 during trading on Thursday, hitting $9.32. The stock had a trading volume of 7,477,066 shares, compared to its average volume of 4,990,594. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 295.91. Redfin Co. has a 12-month low of $4.26 and a 12-month high of $11.16. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -8.10 and a beta of 2.65. The stock has a 50-day simple moving average of $7.07 and a two-hundred day simple moving average of $6.73.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The company had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. Redfin’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.25) EPS. On average, equities research analysts expect that Redfin Co. will post -1.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Redfin

Several hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. lifted its holdings in shares of Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after buying an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Redfin by 205.8% during the 1st 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 during the 1st quarter valued at approximately $58,000. New York State Teachers Retirement System acquired a new position in shares of Redfin in the 1st quarter valued at $66,000. Finally, First Trust Direct Indexing L.P. purchased a new stake in Redfin during the first quarter worth $72,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Citigroup lowered their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. JPMorgan Chase & Co. dropped 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. Susquehanna decreased their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Redfin currently has a consensus rating of “Hold” and a consensus target price of $7.18.

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.