Redfin (NASDAQ:RDFN) Shares Gap Down – Time to Sell?

Redfin Co. (NASDAQ:RDFN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $9.77, but opened at $9.20. Redfin shares last traded at $9.73, with a volume of 3,991,338 shares.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDFN. The Goldman Sachs Group cut shares of Redfin from a “neutral” rating to a “sell” rating and increased their price objective for the company from $6.00 to $6.50 in a research note on Monday, November 18th. Citigroup cut their price target 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a report on Tuesday. Zelman & Associates raised Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.63.

Redfin Price Performance

The company has a market cap of $1.23 billion, a price-to-earnings ratio of -7.67 and a beta of 2.90. The business has a 50 day simple moving average of $7.88 and a 200 day simple moving average of $9.42.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction 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 completion of the sale, the insider now directly owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Redfin by 14.8% during the 4th 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 purchasing an additional 33,327 shares during the period. Two Sigma Advisers LP grew its holdings in Redfin by 17.4% during the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock worth $19,865,000 after acquiring an additional 374,200 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Redfin during the 4th quarter valued at $27,000. Point72 Asset Management L.P. acquired a new position in shares of Redfin in the 4th quarter valued at $1,018,000. Finally, ProShare Advisors LLC boosted its position in shares of Redfin by 51.9% in the 4th quarter. ProShare Advisors LLC now owns 33,663 shares of the company’s stock worth $265,000 after purchasing an additional 11,503 shares during 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.