Redfin (NASDAQ:RDFN) Shares Down 4.4%

Redfin Co. (NASDAQ:RDFN)’s share price dropped 4.4% during trading on Tuesday . The stock traded as low as $5.53 and last traded at $5.59. Approximately 1,950,290 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 4,892,860 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wedbush restated a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research note on Thursday, May 16th. Susquehanna lifted their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, May 13th. DA Davidson reissued a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday. Finally, Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $9.00 in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.08.

Redfin Price Performance

The company has a 50 day moving average price of $6.36 and a 200 day moving average price of $7.12. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last issued its earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.58) by $0.01. The business had revenue of $225.50 million for the quarter, compared to the consensus estimate of $217.79 million. Redfin had a negative net margin of 13.76% and a negative return on equity of 1,780.89%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.93) earnings per share. As a group, sell-side analysts anticipate that Redfin Co. will post -1.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total value of $25,278.72. Following the completion of the sale, the insider now directly owns 57,274 shares of the company’s stock, valued at approximately $398,627.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Redfin

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its position in shares of Redfin by 205.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after acquiring an additional 3,101 shares during the period. EntryPoint Capital LLC purchased a new position in shares of Redfin in the first quarter valued at $58,000. New York State Teachers Retirement System acquired a new position in shares of Redfin during the 1st quarter worth $66,000. First Trust Direct Indexing L.P. purchased a new stake in shares of Redfin in the 1st quarter worth about $72,000. Finally, Seven Eight Capital LP acquired a new stake in Redfin in the 3rd quarter valued at about $86,000. Hedge funds and other 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.