Redfin (NASDAQ:RDFN) Shares Gap Down – Should You Sell?

Shares of Redfin Co. (NASDAQ:RDFN) gapped down before the market opened on Monday . The stock had previously closed at $8.37, but opened at $7.96. Redfin shares last traded at $8.00, with a volume of 1,431,071 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Susquehanna boosted their price objective on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and raised their target price for the company from $6.00 to $6.50 in a research report on Monday. Jefferies Financial Group increased their price target on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Finally, DA Davidson reaffirmed a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Tuesday. 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.98.

Redfin Stock Up 1.5 %

The company’s fifty day simple moving average is $11.01 and its 200 day simple moving average is $8.69. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -6.34 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. As a group, analysts anticipate that Redfin Co. will post -1.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in Redfin by 8.1% during the third quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after acquiring an additional 1,181 shares during the period. Arizona State Retirement System grew its position in shares of Redfin by 5.4% during the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after purchasing an additional 1,710 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after purchasing an additional 1,766 shares during the period. Hollencrest Capital Management acquired a new stake in shares of Redfin in the third quarter valued at approximately $25,000. Finally, Financial Advocates Investment Management boosted its stake in shares of Redfin by 21.6% in the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock valued at $148,000 after buying an additional 2,100 shares during the period. 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.