Redfin (NASDAQ:RDFN) Shares Up 6.8% – What’s Next?

Shares of Redfin Co. (NASDAQ:RDFN) rose 6.8% on Monday . The stock traded as high as $8.35 and last traded at $8.44. Approximately 1,217,522 shares were traded during trading, a decline of 70% from the average daily volume of 4,045,399 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Redfin from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Susquehanna boosted their price objective on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Tuesday, November 19th. Citigroup decreased their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Jefferies Financial Group boosted their price target on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Redfin presently has an average rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Up 4.2 %

The company’s fifty day simple moving average is $8.49 and its two-hundred day simple moving average is $9.40.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million for the quarter, compared to analyst estimates of $280.21 million. During the same period last year, the business earned ($0.17) EPS. On average, equities research analysts anticipate that Redfin Co. will post -1.25 earnings per share for the current year.

Insider Activity

In related news, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares of the company’s stock, valued at $620,053.04. This represents a 18.19 % decrease in their position. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning raised its position in Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after buying an additional 1,181 shares during the last quarter. Merit Financial Group LLC lifted its stake 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 buying an additional 1,529 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of Redfin in the third quarter worth $25,000. Financial Advocates Investment Management lifted its holdings in shares of Redfin by 21.6% in the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after buying an additional 2,100 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after purchasing an additional 2,446 shares in 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.