Redfin (NASDAQ:RDFN) Trading Up 7% – Still a Buy?

Redfin Co. (NASDAQ:RDFN)’s share price was up 7% on Monday . The stock traded as high as $11.41 and last traded at $11.45. Approximately 5,552,712 shares were traded during trading, a decline of 8% from the average daily volume of 6,048,621 shares. The stock had previously closed at $10.70.

Analyst Ratings Changes

Several research firms recently commented on RDFN. Zelman & Associates raised Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and lifted their target price for the stock from $6.00 to $6.50 in a research note on Monday, November 18th. B. Riley cut shares of Redfin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 10th. Susquehanna reduced their price target on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Finally, Gordon Haskett raised Redfin to a “hold” rating in a research note on Monday, March 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.48.

Redfin Price Performance

The stock’s 50 day simple moving average is $8.08 and its 200-day simple moving average is $9.40. The company has a market capitalization of $1.46 billion, a PE ratio of -8.99 and a beta of 2.90.

Insider Buying and Selling

In other news, insider Christian John Taubman sold 16,333 shares of the business’s 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 directly owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Redfin in the 4th quarter valued at $27,000. Quest Partners LLC acquired a new stake in Redfin in the third quarter valued at $47,000. R Squared Ltd purchased a new stake in Redfin during the 4th quarter worth about $33,000. US Bancorp DE lifted its holdings in Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after buying an additional 1,799 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Redfin by 76.3% during the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock worth $46,000 after acquiring an additional 2,520 shares in the last quarter. Institutional investors and hedge funds 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.