Redfin (NASDAQ:RDFN) Shares Gap Up – Here’s Why

Redfin Co. (NASDAQ:RDFN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $5.82, but opened at $10.03. Redfin shares last traded at $10.05, with a volume of 45,059,110 shares traded.

Analysts Set New Price Targets

Several analysts have commented on RDFN shares. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Susquehanna reduced their price target on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and upped their target price for the company from $6.00 to $6.50 in a research report on Monday, November 18th. JPMorgan Chase & Co. reduced their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Finally, DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.48.

Redfin Price Performance

The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -7.63 and a beta of 2.90. The firm has a 50-day moving average price of $7.92 and a two-hundred day moving average price of $9.41.

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Redfin

Large investors have recently made changes to their positions in the company. Hennessy Advisors Inc. acquired a new stake in Redfin during the fourth quarter worth approximately $40,109,000. Two Sigma Advisers LP boosted its holdings in shares of Redfin by 124.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock valued at $26,938,000 after acquiring an additional 1,193,900 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Redfin during the 3rd quarter valued at $10,650,000. BNP Paribas Financial Markets raised its position in Redfin by 476.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock worth $10,018,000 after purchasing an additional 660,872 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Redfin by 89.0% during the 4th quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company’s stock worth $4,855,000 after purchasing an additional 290,545 shares during the last quarter. 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.