Redfin (NASDAQ:RDFN) Shares Down 3.2% – Here’s What Happened

Shares of Redfin Co. (NASDAQ:RDFN) fell 3.2% on Tuesday . The stock traded as low as $8.22 and last traded at $8.27. 496,526 shares changed hands during trading, a decline of 91% from the average session volume of 5,477,586 shares. The stock had previously closed at $8.54.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RDFN shares. Wedbush upped their price target on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group upped their target price on shares of 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 increased their target price for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Susquehanna boosted their price target on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, DA Davidson restated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research note on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.98.

Redfin Price Performance

The business’s 50 day simple moving average is $9.49 and its 200 day simple moving average is $9.10. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.52 and a beta of 2.63.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter in the previous year, the business earned ($0.17) EPS. As a group, analysts expect that Redfin Co. will post -1.25 EPS for the current fiscal year.

Insider Activity

In other news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the sale, the insider now owns 29,978 shares of the company’s stock, valued at $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Creative Planning boosted its holdings in Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after purchasing an additional 1,181 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Redfin by 5.4% in the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock valued at $201,000 after buying an additional 1,710 shares during the period. Hollencrest Capital Management purchased a new stake in shares of Redfin in the third quarter valued at approximately $25,000. Financial Advocates Investment Management grew its holdings in Redfin by 21.6% during the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after acquiring an additional 2,100 shares during the period. Finally, Blue Trust Inc. raised its position in Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after acquiring an additional 2,446 shares in the last quarter. 61.07% of the stock is owned by hedge funds and other 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.