Redfin (NASDAQ:RDFN) Stock Price Down 5.7%

Shares of Redfin Corp (NASDAQ:RDFN) dropped 5.7% during trading on Thursday . The stock traded as low as $16.76 and last traded at $16.76, approximately 1,427,153 shares changed hands during trading. An increase of 32% from the average daily volume of 1,079,934 shares. The stock had previously closed at $17.77.

RDFN has been the topic of several recent research reports. DA Davidson set a $16.00 target price on shares of Redfin and gave the company a “hold” rating in a report on Tuesday, July 2nd. ValuEngine raised shares of Redfin from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Stephens raised shares of Redfin from an “underweight” rating to an “overweight” rating and increased their target price for the company from $18.00 to $23.00 in a report on Monday, June 10th. Bank of America increased their target price on shares of Redfin from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, KeyCorp initiated coverage on shares of Redfin in a report on Friday, July 19th. They set a “sector weight” rating and a $18.00 target price on the stock. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $22.67.

The firm has a market cap of $1.63 billion, a PE ratio of -34.71 and a beta of 1.36. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.19 and a current ratio of 3.91. The company’s 50-day simple moving average is $17.99 and its two-hundred day simple moving average is $18.89.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The business had revenue of $197.80 million during the quarter, compared to analysts’ expectations of $190.35 million. Redfin had a negative net margin of 15.47% and a negative return on equity of 25.83%. The firm’s revenue for the quarter was up 38.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.04 EPS. On average, analysts expect that Redfin Corp will post -0.93 EPS for the current year.

In other Redfin news, CFO Christopher John Nielsen sold 3,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $17.35, for a total transaction of $52,050.00. Following the completion of the sale, the chief financial officer now owns 8,542 shares of the company’s stock, valued at approximately $148,203.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Wiener sold 5,000 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $18.03, for a total transaction of $90,150.00. Following the sale, the insider now directly owns 255,503 shares of the company’s stock, valued at approximately $4,606,719.09. The disclosure for this sale can be found here. Insiders have sold a total of 39,000 shares of company stock valued at $727,640 in the last three months. 8.20% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in RDFN. Baillie Gifford & Co. boosted its position in Redfin by 21.7% during the 2nd quarter. Baillie Gifford & Co. now owns 5,779,516 shares of the company’s stock valued at $103,915,000 after buying an additional 1,032,134 shares during the period. Vanguard Group Inc. lifted its position in shares of Redfin by 7.2% in the 2nd quarter. Vanguard Group Inc. now owns 10,440,413 shares of the company’s stock worth $187,718,000 after purchasing an additional 704,587 shares during the period. BlackRock Inc. lifted its position in shares of Redfin by 9.9% in the 2nd quarter. BlackRock Inc. now owns 5,618,562 shares of the company’s stock worth $101,023,000 after purchasing an additional 504,808 shares during the period. Norges Bank purchased a new stake in shares of Redfin in the 4th quarter worth about $6,554,000. Finally, Jackson Square Partners LLC lifted its position in shares of Redfin by 6.9% in the 1st quarter. Jackson Square Partners LLC now owns 6,490,949 shares of the company’s stock worth $131,571,000 after purchasing an additional 417,458 shares during the period. 92.70% of the stock is owned by institutional investors and hedge funds.

About Redfin (NASDAQ:RDFN)

Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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