Redfin (NASDAQ:RDFN) Shares Down 3.4%

Redfin Co. (NASDAQ:RDFN) shares fell 3.4% during mid-day trading on Wednesday . The company traded as low as $8.74 and last traded at $8.81. 3,104,352 shares changed hands during trading, a decline of 37% from the average session volume of 4,960,510 shares. The stock had previously closed at $9.12.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RDFN shares. Stephens raised shares of Redfin from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $8.00 to $9.00 in a report on Wednesday, May 8th. JPMorgan Chase & Co. 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 Thursday, August 8th. Citigroup cut their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Finally, DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Redfin presently has a consensus rating of “Hold” and an average target price of $7.18.

Redfin Trading Up 18.9 %

The company has a 50-day moving average of $7.13 and a 200 day moving average of $6.75. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market cap of $1.35 billion, a PE ratio of -9.45 and a beta of 2.65.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The firm had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. During the same quarter in the previous year, the business earned ($0.25) EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts predict that Redfin Co. will post -1.14 earnings per share for the current year.

Insider Buying and Selling at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the sale, the insider now directly owns 71,720 shares of the company’s stock, valued at approximately $663,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several hedge funds have recently bought and sold shares of the business. Mather Group LLC. boosted its stake in shares of Redfin by 282.1% during the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Redfin by 205.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after buying an additional 3,101 shares during the period. EntryPoint Capital LLC bought a new position in Redfin in the 1st quarter worth about $58,000. New York State Teachers Retirement System purchased a new position in shares of Redfin during the first quarter worth approximately $66,000. Finally, First Trust Direct Indexing L.P. bought a new stake in shares of Redfin during the first quarter valued at approximately $72,000. Institutional investors own 61.07% of the company’s stock.

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.