Redfin (NASDAQ:RDFN) Shares Down 2.2% – Here’s What Happened

Redfin Co. (NASDAQ:RDFN) shares traded down 2.2% during mid-day trading on Monday . The company traded as low as $10.84 and last traded at $10.80. 426,254 shares were traded during trading, a decline of 93% from the average session volume of 6,001,618 shares. The stock had previously closed at $11.04.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RDFN shares. DA Davidson restated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research note on Wednesday, February 19th. B. Riley lowered Redfin from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 10th. Gordon Haskett raised Redfin to a “hold” rating in a report on Monday, March 10th. Citigroup dropped their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Redfin presently has a consensus rating of “Hold” and an average target price of $10.03.

Redfin Price Performance

The stock’s fifty day simple moving average is $8.43 and its 200-day simple moving average is $9.46. The stock has a market cap of $1.40 billion, a P/E ratio of -8.66 and a beta of 2.90.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Redfin during the fourth quarter valued at $27,000. R Squared Ltd bought a new stake in Redfin in the 4th quarter valued at about $33,000. US Bancorp DE boosted its stake in Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after purchasing an additional 1,799 shares during the period. Blue Trust Inc. grew its position in Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Redfin in the third quarter valued at approximately $47,000. 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.