Redfin (NASDAQ:RDFN) Shares Gap Down – Should You Sell?

Redfin Co. (NASDAQ:RDFN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $7.64, but opened at $6.94. Redfin shares last traded at $6.76, with a volume of 1,563,437 shares.

Wall Street Analyst Weigh In

RDFN has been the topic of several recent analyst reports. Susquehanna lifted their target price on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. The Goldman Sachs Group cut Redfin from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Citigroup lowered 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. Wedbush upped their price target on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $9.16.

Redfin Stock Performance

The company has a market capitalization of $826.95 million, a P/E ratio of -5.21 and a beta of 2.66. The firm has a 50 day moving average price of $8.10 and a two-hundred day moving average price of $9.47.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the transaction, the insider now directly owns 73,466 shares of the company’s stock, valued at $620,053.04. The trade was a 18.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Redfin

Institutional investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Redfin by 14.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,481 shares of the company’s stock valued at $2,034,000 after buying an additional 33,327 shares in the last quarter. Two Sigma Advisers LP increased its position in Redfin by 17.4% in the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock valued at $19,865,000 after acquiring an additional 374,200 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Redfin in the 4th quarter valued at about $27,000. Point72 Asset Management L.P. bought a new position in shares of Redfin in the fourth quarter worth about $1,018,000. Finally, ProShare Advisors LLC lifted its position in shares of Redfin by 51.9% during the fourth quarter. ProShare Advisors LLC now owns 33,663 shares of the company’s stock worth $265,000 after purchasing an additional 11,503 shares in the last quarter. Institutional investors own 61.07% of the company’s stock.

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.