An estimation device including a processor and a memory. The processor acquires multiple reception signals received via multiple reception antennas at a predetermined sampling cycle in a predetermined period. The processor further calculates complex transfer functions and records each of the complex transfer functions in the memory as being associated with each time point at which each of the reception signals is observed. The processor also extracts, among the complex transfer functions, pairs of two complex transfer functions respectively corresponding to two time points in a predetermined interval, and calculates pieces of differential information representing a difference between a pair of two complex transfer functions included in each of the pairs of two complex transfer functions. Based on the above, the processor estimates a direction to a location of a moving body with respect to the estimation device based on each of the plurality of pieces of differential information.