Redfin (NASDAQ:RDFN) Trading 6.4% Higher – Should You Buy?

Redfin Co. (NASDAQ:RDFN)’s stock price rose 6.4% during mid-day trading on Tuesday . The stock traded as high as $8.49 and last traded at $8.41. Approximately 1,321,834 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 4,905,235 shares. The stock had previously closed at $7.90.

Analysts Set New Price Targets

Several research firms recently commented on RDFN. Susquehanna raised their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. raised their price objective on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Citigroup reduced their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, February 19th. Finally, Wedbush boosted their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Redfin presently has an average rating of “Hold” and a consensus price target of $9.16.

Redfin Stock Up 3.7 %

The stock has a market capitalization of $1.02 billion, a P/E ratio of -6.41 and a beta of 2.66. The firm’s 50 day simple moving average is $8.11 and its two-hundred day simple moving average is $9.48.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the transaction, the insider now owns 73,466 shares in the company, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RDFN. Hollencrest Capital Management purchased a new stake in shares of Redfin during the third quarter valued at approximately $25,000. Blue Trust Inc. grew its position in shares of Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Redfin during the 4th quarter valued at $27,000. Quest Partners LLC purchased a new stake in Redfin during the 3rd quarter worth about $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Redfin during the 3rd quarter valued at about $48,000. Hedge funds and other 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.