Redfin (NASDAQ:RDFN) Shares Up 7% – Time to Buy?

Shares of Redfin Co. (NASDAQ:RDFN) were up 7% on Monday . The company traded as high as $11.41 and last traded at $11.45. Approximately 5,552,712 shares were traded during trading, a decline of 8% from the average daily volume of 6,048,621 shares. The stock had previously closed at $10.70.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RDFN shares. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Tuesday, March 11th. Susquehanna cut their target price on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and upped their target price for the company from $6.00 to $6.50 in a research report on Monday, November 18th. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. decreased their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.48.

Redfin Stock Performance

The company has a market capitalization of $1.46 billion, a PE ratio of -8.99 and a beta of 2.90. The firm’s 50-day simple moving average is $8.08 and its 200 day simple moving average is $9.40.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction 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 approximately $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Redfin during the 4th quarter worth approximately $27,000. R Squared Ltd purchased a new position in Redfin during the fourth quarter worth $33,000. US Bancorp DE raised its holdings in shares of Redfin by 48.3% in the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after acquiring an additional 1,799 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Redfin by 76.3% in the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after acquiring an additional 2,520 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Redfin during the third quarter valued at $47,000. Hedge funds and other 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.