Redfin (NASDAQ:RDFN) Shares Gap Up – Here’s Why

Redfin Co. (NASDAQ:RDFN) gapped up prior to trading on Monday . The stock had previously closed at $5.82, but opened at $10.03. Redfin shares last traded at $10.05, with a volume of 45,059,110 shares.

Wall Street Analyst Weigh In

Several brokerages recently commented on RDFN. Piper Sandler raised shares of Redfin from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $4.00 to $12.50 in a report on Tuesday. Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Citigroup decreased their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. reduced their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Finally, DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.48.

Redfin Stock Down 0.1 %

The company has a fifty day moving average of $7.92 and a two-hundred day moving average of $9.41. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -7.63 and a beta of 2.90.

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 hedge funds and other institutional investors have recently bought and sold shares of RDFN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Redfin by 14.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,481 shares of the company’s stock valued at $2,034,000 after buying an additional 33,327 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Redfin by 17.4% in the fourth quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock valued at $19,865,000 after buying an additional 374,200 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Redfin in the fourth quarter valued at $27,000. Point72 Asset Management L.P. purchased a new position in shares of Redfin in the fourth quarter valued at $1,018,000. Finally, ProShare Advisors LLC increased its position in Redfin by 51.9% during the 4th quarter. ProShare Advisors LLC now owns 33,663 shares of the company’s stock worth $265,000 after purchasing an additional 11,503 shares in 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.