Redfin (NASDAQ:RDFN) Trading 7.5% Higher – Should You Buy?

Redfin Co. (NASDAQ:RDFN) shares traded up 7.5% on Friday . The stock traded as high as $8.85 and last traded at $8.77. 1,807,560 shares changed hands during trading, a decline of 67% from the average session volume of 5,547,752 shares. The stock had previously closed at $8.16.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RDFN shares. Wedbush raised their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and lifted their target price for the company from $6.00 to $6.50 in a report on Monday, November 18th. DA Davidson restated a “neutral” rating and set a $7.25 price target on shares of Redfin in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Finally, Susquehanna boosted their price objective on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.98.

Redfin Trading Up 12.3 %

The firm’s fifty day moving average price is $10.78 and its 200-day moving average price is $8.72. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -7.16 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter last year, the firm posted ($0.17) earnings per share. On average, sell-side analysts expect that Redfin Co. will post -1.23 earnings per share for the current year.

Insider Activity

In other news, insider Anthony Ray Kappus sold 8,417 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the sale, the insider now directly owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. increased its holdings in shares of Redfin by 282.1% in the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the period. Hollencrest Capital Management purchased a new position in Redfin in the 3rd quarter valued at $25,000. Blue Trust Inc. increased its stake in Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after buying an additional 2,446 shares during the period. Quest Partners LLC purchased a new position in Redfin during the 3rd quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Redfin in the 3rd quarter worth $48,000. 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.