Redfin (NASDAQ:RDFN) Shares Gap Up to $13.64

Redfin Co. (NASDAQ:RDFN) gapped up before the market opened on Tuesday . The stock had previously closed at $13.64, but opened at $14.00. Redfin shares last traded at $14.07, with a volume of 1,563,949 shares.

Analyst Ratings Changes

RDFN has been the topic of a number of research analyst reports. B. Riley raised shares of Redfin from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $7.50 to $13.00 in a report on Tuesday, September 3rd. Susquehanna dropped their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.68.

Redfin Stock Down 2.2 %

The stock has a market capitalization of $1.66 billion, a P/E ratio of -11.68 and a beta of 2.66. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a fifty day moving average price of $8.90 and a 200 day moving average price of $7.19.

Redfin (NASDAQ:RDFN) last issued its earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.03. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The business had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. During the same quarter last year, the company earned ($0.25) EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, research analysts forecast that Redfin Co. will post -1.13 earnings per share for the current year.

Insider Activity at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now directly owns 71,720 shares of the company’s stock, valued at approximately $663,410. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Redfin

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Redfin by 11.3% during the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after purchasing an additional 1,953,127 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Redfin by 25.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after buying an additional 445,486 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Redfin by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock valued at $9,140,000 after buying an additional 29,618 shares in the last quarter. Trexquant Investment LP raised its position in shares of Redfin by 208.8% during the 4th quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock valued at $6,377,000 after buying an additional 417,811 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Redfin by 15.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after acquiring an additional 59,689 shares during the last quarter. 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.