Redfin (NASDAQ:RDFN) Trading Up 7.4% – Here’s Why

Redfin Co. (NASDAQ:RDFN)’s stock price traded up 7.4% on Friday . The stock traded as high as $11.40 and last traded at $11.32. 3,420,920 shares changed hands during trading, a decline of 38% from the average session volume of 5,504,276 shares. The stock had previously closed at $10.54.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. B. Riley boosted their price objective on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Wedbush restated a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Susquehanna reduced their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, DA Davidson restated a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Redfin has a consensus rating of “Hold” and a consensus target price of $7.88.

Redfin Trading Up 6.5 %

The business’s fifty day moving average price is $10.79 and its 200 day moving average price is $8.04. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -9.60 and a beta of 2.68.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.25) earnings per share. As a group, sell-side analysts forecast that Redfin Co. will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the business’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 transaction, the insider now directly owns 71,720 shares of the company’s stock, valued at approximately $663,410. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Redfin

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning grew 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. Arizona State Retirement System grew its stake in shares of Redfin by 5.4% during the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after purchasing an additional 1,710 shares during the period. ProShare Advisors LLC grew its stake in shares of Redfin by 9.8% during the 1st quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after purchasing an additional 1,766 shares during the period. Principal Financial Group Inc. grew its stake in shares of Redfin by 17.7% during the 1st quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock worth $99,000 after purchasing an additional 2,241 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after buying an additional 2,446 shares in the last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

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.