Redfin (NASDAQ:RDFN) Stock Price Up 6.4% – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) shot up 6.4% during mid-day trading on Tuesday . The stock traded as high as $8.49 and last traded at $8.41. Approximately 1,321,834 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 4,905,235 shares. The stock had previously closed at $7.90.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Citigroup decreased their price target on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. DA Davidson reiterated a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Wednesday, February 19th. Wedbush upped their price objective on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $6.00 to $6.50 in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Redfin has an average rating of “Hold” and a consensus price target of $9.16.

Redfin Stock Up 3.7 %

The firm’s fifty day moving average price is $8.11 and its two-hundred day moving average price is $9.48. The stock has a market capitalization of $1.02 billion, a PE ratio of -6.41 and a beta of 2.66.

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 transaction of $137,850.52. Following the sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Redfin

Institutional investors have recently bought and sold shares of the stock. Creative Planning boosted its stake in shares of Redfin by 8.1% during the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after purchasing an additional 1,181 shares during the period. Cerity Partners LLC boosted its position in shares of Redfin by 3.3% during the fourth quarter. Cerity Partners LLC now owns 37,285 shares of the company’s stock valued at $293,000 after buying an additional 1,189 shares during the period. Merit Financial Group LLC boosted its position in Redfin by 10.7% in the 4th quarter. Merit Financial Group LLC now owns 15,848 shares of the company’s stock valued at $125,000 after buying an additional 1,529 shares during the period. US Bancorp DE grew its stake in Redfin by 48.3% in the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after acquiring an additional 1,799 shares in the last quarter. Finally, Hollencrest Capital Management bought a new stake in shares of Redfin during the third quarter valued at approximately $25,000. 61.07% of the stock is currently owned by 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.