Redfin (NASDAQ:RDFN) Stock Price Up 8.7%

Redfin Co. (NASDAQ:RDFN) shares traded up 8.7% during mid-day trading on Friday . The stock traded as high as $5.65 and last traded at $5.63. 967,889 shares were traded during trading, a decline of 81% from the average session volume of 5,139,923 shares. The stock had previously closed at $5.18.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Citigroup reduced their price objective on Redfin from $10.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. DA Davidson restated a “neutral” rating and set a $6.75 price objective on shares of Redfin in a research note on Friday, March 22nd. Royal Bank of Canada reduced their price objective on Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Gordon Haskett cut Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective on the stock. in a research note on Thursday, February 29th. Finally, Wedbush restated a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research note on Wednesday, February 28th. Two analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, Redfin currently has a consensus rating of “Hold” and a consensus target price of $7.92.

Redfin Price Performance

The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 295.91. The company has a market capitalization of $670.13 million, a P/E ratio of -4.80 and a beta of 2.66. The business has a 50 day simple moving average of $6.27 and a 200-day simple moving average of $7.13.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $218.08 million for the quarter, compared to analyst estimates of $220.32 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 11.95%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned ($0.83) earnings per share. Analysts predict that Redfin Co. will post -1.31 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jennison Associates LLC grew its holdings in Redfin by 4.4% during the third quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock worth $430,000 after acquiring an additional 2,580 shares during the period. Victory Capital Management Inc. grew its holdings in Redfin by 24.9% during the fourth quarter. Victory Capital Management Inc. now owns 14,856 shares of the company’s stock worth $153,000 after acquiring an additional 2,957 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Redfin by 41.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,442 shares of the company’s stock worth $74,000 after purchasing an additional 3,041 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Redfin in the 3rd quarter worth about $27,000. Finally, Tower Research Capital LLC TRC increased its stake in Redfin by 101.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,864 shares of the company’s stock worth $91,000 after purchasing an additional 4,474 shares in the last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

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.