Redfin (NASDAQ:RDFN) Trading Up 3.8% – Here’s What Happened

Shares of Redfin Co. (NASDAQ:RDFN) shot up 3.8% during mid-day trading on Tuesday . The company traded as high as $9.39 and last traded at $9.56. 1,647,493 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 6,096,181 shares. The stock had previously closed at $9.21.

Analysts Set New Price Targets

Several equities analysts have recently commented on RDFN shares. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research report on Tuesday, March 11th. Zelman & Associates raised Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. DA Davidson reaffirmed a “neutral” rating and set a $7.25 price objective on shares of Redfin in a report on Wednesday, February 19th. B. Riley downgraded shares of Redfin from a “strong-buy” rating to a “hold” rating in a report on Monday, March 10th. Finally, Citigroup cut their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.03.

Redfin Stock Performance

The stock has a market cap of $1.29 billion, a P/E ratio of -8.00 and a beta of 2.90. The company’s fifty day moving average price is $8.83 and its 200-day moving average price is $9.42.

Insider Buying and Selling

In other Redfin news, insider Christian John Taubman sold 16,209 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the sale, the insider now directly owns 74,616 shares of the company’s stock, valued at approximately $831,968.40. This represents a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Redfin

Hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Redfin in the fourth quarter worth about $27,000. R Squared Ltd purchased a new stake in Redfin during the fourth quarter worth $33,000. US Bancorp DE grew its position in Redfin by 48.3% during the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after buying an additional 1,799 shares during the period. Blue Trust Inc. grew its position in Redfin by 76.3% during the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after buying an additional 2,520 shares during the period. Finally, AlphaQuest LLC raised its position in shares of Redfin by 87.8% in the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock worth $56,000 after acquiring an additional 3,312 shares during the period. 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.