Redfin (NASDAQ:RDFN) Shares Up 4.8%

Redfin Co. (NASDAQ:RDFN) shares shot up 4.8% during mid-day trading on Friday . The stock traded as high as $7.43 and last traded at $7.37. 901,779 shares changed hands during trading, a decline of 81% from the average session volume of 4,858,583 shares. The stock had previously closed at $7.03.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RDFN. Wedbush reaffirmed a “neutral” rating and set a $8.00 target price on shares of Redfin in a research note on Wednesday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a report on Thursday, May 16th. DA Davidson reiterated a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Wednesday, July 3rd. Citigroup reduced their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Finally, Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $8.00 to $9.00 in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Redfin presently has an average rating of “Hold” and a consensus price target of $8.08.

Redfin Stock Performance

The company has a market capitalization of $904.39 million, a price-to-earnings ratio of -6.36 and a beta of 2.66. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a 50-day simple moving average of $6.48 and a two-hundred day simple moving average of $6.97.

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

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total transaction of $25,278.72. Following the completion of the transaction, the insider now directly owns 57,274 shares of the company’s stock, valued at $398,627.04. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDFN. Mather Group LLC. lifted its stake in Redfin by 282.1% in the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after buying an additional 2,821 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Redfin by 205.8% in the first 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 acquired a new stake in Redfin in the first quarter valued at $58,000. New York State Teachers Retirement System purchased a new position in shares of Redfin in the first quarter valued at $66,000. Finally, First Trust Direct Indexing L.P. purchased a new position in shares of Redfin in the first quarter valued at $72,000. 61.07% of the stock is owned by institutional investors and hedge funds.

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.