Hennessy Advisors Inc. Buys New Position in Redfin Co. (NASDAQ:RDFN)

Hennessy Advisors Inc. purchased a new stake in Redfin Co. (NASDAQ:RDFN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,096,400 shares of the company’s stock, valued at approximately $40,109,000. Redfin comprises 1.2% of Hennessy Advisors Inc.’s holdings, making the stock its 28th biggest holding. Hennessy Advisors Inc. owned about 4.11% of Redfin at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Rhumbline Advisers raised its position in shares of Redfin by 12.2% in the 2nd quarter. Rhumbline Advisers now owns 177,096 shares of the company’s stock valued at $1,064,000 after purchasing an additional 19,229 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Redfin by 5.4% in the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after buying an additional 1,710 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Redfin in the second quarter worth $108,000. Seven Eight Capital LP acquired a new stake in shares of Redfin during the second quarter worth $162,000. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of Redfin during the second quarter valued at $479,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Insider Buying and Selling

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the transaction, the insider now owns 29,978 shares of the company’s stock, valued at $252,714.54. This represents a 21.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 73,466 shares of the company’s stock, valued at $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RDFN. B. Riley raised their target price on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. lifted their target price on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Susquehanna increased their price target on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Citigroup reduced their price target on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Jefferies Financial Group upped their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Down 1.1 %

RDFN stock opened at $7.74 on Friday. Redfin Co. has a 52-week low of $5.10 and a 52-week high of $15.29. The firm has a market cap of $959.61 million, a P/E ratio of -6.05 and a beta of 2.64. The company’s 50-day simple moving average is $8.63 and its 200-day simple moving average is $9.26.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, analysts anticipate that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

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.