Redfin (NASDAQ:RDFN) Stock Price Down 3.2% – Time to Sell?

Redfin Co. (NASDAQ:RDFN) was down 3.2% during trading on Tuesday . The stock traded as low as $8.22 and last traded at $8.27. Approximately 496,526 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 5,477,586 shares. The stock had previously closed at $8.54.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. B. Riley boosted their price target on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. DA Davidson reaffirmed a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research note on Tuesday, November 19th. Wedbush boosted their target price on Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Susquehanna upped their target price on Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Two research 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $8.98.

Redfin Stock Down 2.2 %

The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.52 and a beta of 2.63. The stock has a fifty day moving average price of $9.49 and a two-hundred day moving average price of $9.10.

Redfin (NASDAQ:RDFN) last announced its earnings results 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 company had revenue of $278.02 million for the quarter, compared to analysts’ expectations of $280.21 million. During the same period last year, the firm earned ($0.17) earnings per share. As a group, research analysts forecast that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Insider Activity at Redfin

In other news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total value 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. The trade was a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

A number of hedge funds have recently added to or reduced their stakes in RDFN. Hollencrest Capital Management acquired a new position in shares of Redfin during the 3rd quarter valued at about $25,000. Blue Trust Inc. grew its holdings in 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 during the period. Quest Partners LLC purchased a new stake in Redfin in the third quarter valued at approximately $47,000. DekaBank Deutsche Girozentrale acquired a new position in Redfin during the third quarter worth approximately $48,000. Finally, CWM LLC raised its stake in Redfin by 45.6% during the third quarter. CWM LLC now owns 8,725 shares of the company’s stock worth $109,000 after purchasing an additional 2,734 shares during the period. 61.07% of the stock is owned by institutional investors and hedge funds.

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.