Redfin (NASDAQ:RDFN) Stock Price Up 7% – Here’s Why

Shares of Redfin Co. (NASDAQ:RDFN) rose 7% during mid-day trading on Wednesday . The stock traded as high as $10.40 and last traded at $10.39. Approximately 2,775,621 shares traded hands during trading, a decline of 49% from the average daily volume of 5,480,669 shares. The stock had previously closed at $9.71.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wedbush reiterated a “neutral” rating and issued a $8.00 target price on shares of Redfin in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Susquehanna lowered their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Jefferies Financial Group boosted their target price on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Finally, B. Riley raised their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.20.

Redfin Price Performance

The stock has a market cap of $1.24 billion, a PE ratio of -8.86 and a beta of 2.68. The business has a fifty day moving average of $11.14 and a 200-day moving average of $8.26.

Redfin (NASDAQ:RDFN) last announced its earnings results 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 company had revenue of $295.20 million for the quarter, compared to the consensus estimate of $291.59 million. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business posted ($0.25) EPS. As a group, equities research analysts predict that Redfin Co. will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the sale, the insider now owns 71,720 shares in the company, valued at approximately $663,410. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors have recently added to or reduced their stakes in RDFN. Vanguard Group Inc. raised its position in shares of Redfin by 11.3% during the 1st 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 during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Redfin by 25.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after acquiring an additional 445,486 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Redfin by 210.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after acquiring an additional 740,759 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Redfin by 15.4% during the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after purchasing an additional 59,689 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Redfin by 1.3% during the 1st quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after purchasing an additional 2,900 shares during the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.