Redfin (NASDAQ:RDFN) Shares Gap Down – Time to Sell?

Redfin Co. (NASDAQ:RDFN) shares gapped down before the market opened on Friday . The stock had previously closed at $7.64, but opened at $6.94. Redfin shares last traded at $6.76, with a volume of 1,563,437 shares changing hands.

Wall Street Analyst Weigh In

RDFN has been the subject of a number of research reports. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. JPMorgan Chase & Co. lifted their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Wedbush boosted their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Citigroup reduced their price objective on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Finally, Susquehanna lifted their target price on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.16.

Redfin Price Performance

The business’s 50-day moving average price is $8.10 and its two-hundred day moving average price is $9.47. The company has a market capitalization of $826.95 million, a P/E ratio of -5.21 and a beta of 2.66.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were 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 approximately $620,053.04. This trade represents a 18.19 % decrease in their position. 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.

Institutional Investors Weigh In On Redfin

Several large investors have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new position in Redfin in the 3rd quarter worth $25,000. Blue Trust Inc. lifted its holdings in shares of Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Redfin in the fourth quarter valued at about $27,000. Quest Partners LLC acquired a new position in shares of Redfin during the third quarter worth about $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Redfin in the 3rd quarter valued at approximately $48,000. Institutional investors own 61.07% of the company’s stock.

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.