Redfin (NASDAQ:RDFN) Trading 9.1% Higher on Analyst Upgrade

Redfin Co. (NASDAQ:RDFN) shot up 9.1% during trading on Thursday after DA Davidson raised their price target on the stock from $6.75 to $7.25. DA Davidson currently has a neutral rating on the stock. Redfin traded as high as $6.89 and last traded at $6.82. 2,417,125 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 5,171,048 shares. The stock had previously closed at $6.25.

Several other equities analysts also recently commented on the stock. Citigroup lowered their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday. Wedbush reaffirmed a “neutral” rating and set a $8.00 price target on shares of Redfin in a research report on Wednesday. Royal Bank of Canada cut their price objective on Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Stephens upgraded Redfin from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $8.00 to $9.00 in a report on Wednesday. Finally, Gordon Haskett cut shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price target on the stock. in a report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Redfin has a consensus rating of “Hold” and a consensus price target of $8.08.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 7,916 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the sale, the insider now directly owns 52,117 shares of the company’s stock, valued at approximately $359,607.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Christian John Taubman sold 7,916 shares of Redfin stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the completion of the transaction, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anna Stevens sold 10,851 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the sale, the insider now owns 15,477 shares in the company, valued at approximately $104,934.06. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Redfin

Institutional investors and hedge funds have recently modified their holdings of the stock. Dark Forest Capital Management LP grew its position in Redfin by 342.4% during the 3rd quarter. Dark Forest Capital Management LP now owns 205,033 shares of the company’s stock valued at $1,443,000 after purchasing an additional 158,690 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Redfin by 89.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 360,212 shares of the company’s stock worth $3,717,000 after acquiring an additional 169,654 shares during the last quarter. Valeo Financial Advisors LLC bought a new position in Redfin in the 4th quarter valued at approximately $206,000. Vanguard Group Inc. boosted its stake in Redfin by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,977,561 shares of the company’s stock valued at $112,482,000 after purchasing an additional 192,162 shares during the last quarter. Finally, Jump Financial LLC increased its holdings in shares of Redfin by 19.8% in the 3rd quarter. Jump Financial LLC now owns 372,548 shares of the company’s stock worth $2,623,000 after purchasing an additional 61,559 shares in the last quarter. 61.07% of the stock is currently owned by institutional investors.

Redfin Trading Up 13.1 %

The firm has a market cap of $844.66 million, a P/E ratio of -5.94 and a beta of 2.68. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a fifty day simple moving average of $6.12 and a 200 day simple moving average of $7.15.

Redfin (NASDAQ:RDFN) last issued its earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.01. The business had revenue of $225.50 million during the quarter, compared to analyst estimates of $217.79 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. Redfin’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.93) EPS. On average, research analysts expect that Redfin Co. will post -1.31 earnings per share for the current fiscal year.

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.