Redfin (NASDAQ:RDFN) Shares Up 3.8% – Still a Buy?

Redfin Co. (NASDAQ:RDFN) traded up 3.8% during trading on Tuesday . The stock traded as high as $9.39 and last traded at $9.56. 1,647,493 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 6,096,181 shares. The stock had previously closed at $9.21.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RDFN shares. B. Riley lowered Redfin from a “strong-buy” rating to a “hold” rating in a report on Monday, March 10th. Zelman & Associates upgraded shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Gordon Haskett raised shares of Redfin to a “hold” rating in a research note on Monday, March 10th. Citigroup lowered their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Piper Sandler upgraded Redfin from an “underweight” rating to a “neutral” rating and upped their price target for the company from $4.00 to $12.50 in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.03.

Redfin Stock Performance

The stock has a market cap of $1.29 billion, a PE ratio of -8.00 and a beta of 2.90. The company’s 50-day moving average price is $8.83 and its 200 day moving average price is $9.42.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the transaction, the insider now owns 74,616 shares of the company’s stock, valued at $831,968.40. This trade represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in RDFN. 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 shares of Redfin during the fourth quarter worth $33,000. US Bancorp DE grew its stake in shares of Redfin by 48.3% in the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after buying an additional 1,799 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after buying an additional 2,520 shares during the period. Finally, AlphaQuest LLC raised its holdings in shares of Redfin by 87.8% in the 4th quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after buying an additional 3,312 shares during the period. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.