Redfin (NASDAQ:RDFN) Stock Price Down 3.8% – What’s Next?

Redfin Co. (NASDAQ:RDFN) shares traded down 3.8% during mid-day trading on Wednesday . The company traded as low as $8.39 and last traded at $8.35. 483,216 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,212,708 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RDFN. Jefferies Financial Group lifted their price objective on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and lifted their price target for the company from $6.00 to $6.50 in a report on Monday, November 18th. Susquehanna upped their price objective on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Citigroup cut their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Finally, Wedbush increased their price target on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

The stock’s 50 day moving average is $8.50 and its two-hundred day moving average is $9.38.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, November 7th. The company reported ($0.28) EPS 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 the consensus estimate of $280.21 million. During the same period last year, the firm earned ($0.17) EPS. On average, analysts predict that Redfin Co. will post -1.25 EPS for the current year.

Insider Buying and Selling at Redfin

In related news, insider Christian John Taubman sold 16,333 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. This represents a 18.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value of $70,955.31. Following the transaction, the insider now owns 29,978 shares in the company, valued at approximately $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Redfin by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock valued at $12,508,000 after buying an additional 92,023 shares during the period. Susquehanna Fundamental Investments LLC boosted its stake in Redfin by 98.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock worth $536,000 after purchasing an additional 44,377 shares during the period. Tidal Investments LLC acquired a new position in Redfin in the 3rd quarter worth $10,650,000. Ballentine Partners LLC bought a new position in Redfin during the 4th quarter worth about $81,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Redfin in the 3rd quarter valued at about $616,000. 61.07% of the stock is owned by institutional investors.

Redfin Company Profile

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.