Redfin (NASDAQ:RDFN) Shares Gap Down – Time to Sell?

Redfin Co. (NASDAQ:RDFN) gapped down before the market opened on Monday . The stock had previously closed at $8.37, but opened at $7.96. Redfin shares last traded at $8.00, with a volume of 1,431,071 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RDFN shares. DA Davidson reissued a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Tuesday. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and boosted their target price for the company from $6.00 to $6.50 in a research note on Monday. Wedbush lifted their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.98.

Redfin Trading Up 1.5 %

The firm’s 50 day moving average price is $11.01 and its 200-day moving average price is $8.69. The company has a market cap of $1.01 billion, a P/E ratio of -6.34 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last released its earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to analysts’ expectations of $280.21 million. During the same period in the previous year, the company earned ($0.17) earnings per share. Analysts predict that Redfin Co. will post -1.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mather Group LLC. increased its position in shares of Redfin by 282.1% in the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after buying an additional 2,821 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of Redfin during the 3rd quarter valued at about $25,000. Allspring Global Investments Holdings LLC grew its position in shares of Redfin by 205.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after purchasing an additional 3,101 shares during the period. Blue Trust Inc. increased its stake in Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after purchasing an additional 2,446 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in Redfin during the 3rd quarter worth approximately $47,000. Institutional investors 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.