Redfin (NASDAQ:RDFN) Trading Up 7.5% – Time to Buy?

Shares of Redfin Co. (NASDAQ:RDFN) rose 7.5% on Friday . The stock traded as high as $8.85 and last traded at $8.77. Approximately 1,807,560 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 5,547,752 shares. The stock had previously closed at $8.16.

Wall Street Analyst Weigh In

RDFN has been the subject of several recent research reports. Wedbush lifted their price objective on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. B. Riley lifted their price objective on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. DA Davidson reissued a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Tuesday. Finally, The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and increased their price target for the company from $6.00 to $6.50 in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.98.

Redfin Trading Up 11.0 %

The stock has a market capitalization of $1.12 billion, a PE ratio of -6.85 and a beta of 2.70. The company’s 50-day moving average is $10.89 and its 200 day moving average is $8.68.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) EPS 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 in the prior year, the firm earned ($0.17) earnings per share. Sell-side analysts forecast that Redfin Co. will post -1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Redfin

Several hedge funds and other institutional investors have recently modified their holdings of RDFN. Geode Capital Management LLC increased its holdings in Redfin by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after buying an additional 66,018 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Redfin in the 3rd quarter worth approximately $174,000. XTX Topco Ltd acquired a new position in Redfin in the 3rd quarter worth approximately $455,000. Zacks Investment Management acquired a new position in Redfin in the 3rd quarter worth approximately $2,108,000. Finally, Two Sigma Advisers LP increased its holdings in Redfin by 124.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock worth $26,938,000 after buying an additional 1,193,900 shares during the period. 61.07% of the stock is owned by hedge funds and other institutional investors.

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.