Principal Financial Group Inc. Sells 4,855 Shares of Redfin Co. (NASDAQ:RDFN)

Principal Financial Group Inc. lessened its position in Redfin Co. (NASDAQ:RDFN) by 30.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,987 shares of the company’s stock after selling 4,855 shares during the period. Principal Financial Group Inc.’s holdings in Redfin were worth $138,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of RDFN. Financial Advocates Investment Management grew its stake in shares of Redfin by 21.6% in the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock worth $148,000 after purchasing an additional 2,100 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Redfin in the 3rd quarter worth approximately $48,000. Assenagon Asset Management S.A. increased its stake in shares of Redfin by 210.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock valued at $13,687,000 after buying an additional 740,759 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Redfin by 15.5% during the third quarter. Sequoia Financial Advisors LLC now owns 36,921 shares of the company’s stock valued at $463,000 after acquiring an additional 4,947 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after acquiring an additional 2,446 shares during the period. 61.07% of the stock is owned by institutional investors.

Redfin Stock Performance

NASDAQ:RDFN opened at $9.63 on Tuesday. The firm has a market cap of $1.19 billion, a P/E ratio of -7.52 and a beta of 2.70. Redfin Co. has a fifty-two week low of $5.10 and a fifty-two week high of $15.29. The firm has a 50-day simple moving average of $10.70 and a two-hundred day simple moving average of $8.75.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The company had revenue of $278.02 million during the quarter, compared to analyst estimates of $280.21 million. During the same quarter in the previous year, the business earned ($0.17) earnings per share. On average, equities research analysts predict that Redfin Co. will post -1.23 EPS for the current year.

Insider Buying and Selling

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction that occurred on Friday, November 22nd. The shares were 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 approximately $252,714.54. The trade was a 21.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RDFN has been the topic of a number of research analyst reports. DA Davidson reissued a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research report on Tuesday, November 19th. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and increased their price target for the stock from $6.00 to $6.50 in a research note on Monday, November 18th. B. Riley upped their target price on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Wedbush raised their target price on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Redfin currently has an average rating of “Hold” and an average price target of $8.98.

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.