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

Redfin Co. (NASDAQ:RDFN) gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RDFN. Piper Sandler dropped their target price on shares of Redfin from $7.00 to $4.00 and set an “underweight” rating on the stock in a report on Thursday. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and raised their target price for the company from $6.00 to $6.50 in a research note on Monday, November 18th. JPMorgan Chase & Co. dropped their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Zelman & Associates raised Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, Susquehanna dropped their target price on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Redfin presently has an average rating of “Hold” and a consensus price target of $8.63.

Redfin Stock Performance

The business’s 50-day simple moving average is $7.84 and its 200 day simple moving average is $9.42. The firm has a market cap of $1.24 billion, a P/E ratio of -7.71 and a beta of 2.90.

Insider Buying and Selling at Redfin

In related 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 transaction, the insider now directly owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RDFN. Hollencrest Capital Management purchased a new position in Redfin during the third quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Redfin during the 4th quarter valued at $27,000. R Squared Ltd bought a new position in Redfin in the 4th quarter worth $33,000. US Bancorp DE lifted its position in shares of Redfin by 48.3% in the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after acquiring an additional 1,799 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Redfin by 76.3% in the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after acquiring an additional 2,520 shares during the period. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.