Investors Purchase High Volume of Call Options on Redfin (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) saw unusually large options trading activity on Friday. Investors purchased 51,185 call options on the company. This represents an increase of approximately 168% compared to the average daily volume of 19,098 call options.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now owns 71,720 shares of the company’s stock, valued at $663,410. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in Redfin in the third quarter valued at $25,000. Blue Trust Inc. raised its holdings in Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after acquiring an additional 2,446 shares in the last quarter. Quest Partners LLC acquired a new stake in Redfin in the third quarter valued at $47,000. Mather Group LLC. raised its holdings in Redfin by 282.1% in the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after acquiring an additional 2,821 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Redfin in the third quarter valued at $48,000. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Stock Down 15.6 %

RDFN opened at $9.67 on Friday. The company has a market cap of $1.18 billion, a P/E ratio of -8.26 and a beta of 2.70. The company has a 50 day moving average of $11.17 and a two-hundred day moving average of $8.49. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. Redfin’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.25) earnings per share. Research analysts anticipate that Redfin will post -1.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Wedbush boosted their price objective on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. B. Riley boosted their target price on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, September 30th. Susquehanna lowered their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Jefferies Financial Group boosted their target price on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Redfin currently has a consensus rating of “Hold” and an average price target of $8.83.

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.