Redfin (NASDAQ:RDFN) Trading Up 7% – Here’s Why

Redfin Co. (NASDAQ:RDFN) shot up 7% on Friday . The company traded as high as $10.89 and last traded at $10.72. 2,559,976 shares traded hands during trading, a decline of 67% from the average session volume of 7,676,046 shares. The stock had previously closed at $10.02.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RDFN. Citigroup lifted their price objective on Redfin from $7.30 to $9.20 and gave the company a “neutral” rating in a report on Thursday, May 8th. Stephens decreased their price objective on Redfin from $12.50 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Gordon Haskett raised Redfin to a “hold” rating in a report on Monday, March 10th. Piper Sandler raised Redfin from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $4.00 to $12.50 in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. lifted their price objective on Redfin from $7.00 to $12.50 and gave the company a “neutral” rating in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.45.

Redfin Price Performance

The business’s 50 day moving average price is $9.58 and its 200-day moving average price is $8.88. The company has a market cap of $1.33 billion, a P/E ratio of -8.09 and a beta of 2.50.

Redfin (NASDAQ:RDFN) last posted its earnings results on Tuesday, May 6th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.04). The firm had revenue of $221.03 million for the quarter, compared to the consensus estimate of $220.89 million. During the same period in the prior year, the business earned ($0.57) EPS. The company’s revenue was down 2.0% compared to the same quarter last year. As a group, research analysts forecast that Redfin Co. will post -1.25 EPS for the current year.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,209 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $11.15, for a total value of $180,730.35. Following the completion of the transaction, the insider now owns 74,616 shares in the company, valued at $831,968.40. The trade was a 17.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Cerity Partners LLC raised its position in Redfin by 3.3% in the 4th quarter. Cerity Partners LLC now owns 37,285 shares of the company’s stock worth $293,000 after purchasing an additional 1,189 shares during the last quarter. Merit Financial Group LLC raised its position in shares of Redfin by 10.7% during the 4th quarter. Merit Financial Group LLC now owns 15,848 shares of the company’s stock valued at $125,000 after acquiring an additional 1,529 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Redfin by 2.5% during the 1st quarter. MetLife Investment Management LLC now owns 70,344 shares of the company’s stock valued at $648,000 after acquiring an additional 1,743 shares during the last quarter. US Bancorp DE raised its position in shares of 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 acquiring an additional 1,799 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of Redfin by 76.3% during the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after acquiring an additional 2,520 shares during the last quarter. 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.