Redfin (NASDAQ:RDFN) Shares Down 5.9%

Redfin Co. (NASDAQ:RDFN)’s share price traded down 5.9% on Wednesday . The stock traded as low as $11.80 and last traded at $11.81. 4,294,202 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 5,512,979 shares. The stock had previously closed at $12.55.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a report on Wednesday, August 7th. Susquehanna decreased their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, B. Riley raised their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.88.

Redfin Stock Down 6.9 %

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 stock’s 50 day simple moving average is $9.92 and its 200-day simple moving average is $7.63.

Redfin (NASDAQ:RDFN) last posted its earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.25) earnings per share. As a group, analysts anticipate that Redfin Co. will post -1.13 EPS for the current fiscal year.

Insider Buying and Selling at Redfin

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

Institutional Trading of Redfin

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Redfin by 11.3% in the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after buying an additional 1,953,127 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Redfin by 25.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after buying an additional 445,486 shares during the last quarter. Bank of New York Mellon Corp increased its position in Redfin by 15.4% during the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after acquiring an additional 59,689 shares during the period. Assenagon Asset Management S.A. increased its position in Redfin by 695.2% during the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock worth $2,113,000 after acquiring an additional 307,396 shares during the period. Finally, Swiss National Bank increased its position in Redfin by 1.3% during the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after acquiring an additional 2,900 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

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.