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

Redfin Co. (NASDAQ:RDFN) gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Jefferies Financial Group increased their price objective on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and lifted their target price for the stock from $6.00 to $6.50 in a report on Monday. JPMorgan Chase & Co. raised their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Finally, Wedbush upped their price objective on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $8.98.

Redfin Stock Performance

The stock has a market cap of $1.00 billion, a PE ratio of -6.28 and a beta of 2.70. The company has a 50 day moving average of $11.12 and a two-hundred day moving average of $8.66.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The firm had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same period in the previous year, the business earned ($0.17) EPS. As a group, equities research analysts anticipate that Redfin Co. will post -1.23 EPS for the current year.

Insider Buying and Selling at Redfin

In other news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total value of $33,596.00. Following the sale, the insider now directly owns 71,720 shares of the company’s stock, valued at $663,410. The trade was a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 buying an additional 1,953,127 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Redfin by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after acquiring an additional 66,018 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Redfin by 25.8% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after acquiring an additional 445,486 shares during the period. Two Sigma Advisers LP grew its holdings in shares of Redfin by 124.9% in the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock valued at $26,938,000 after purchasing an additional 1,193,900 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Redfin by 210.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after purchasing an additional 740,759 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.