Redfin Sees Unusually High Options Volume (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 20,244 call options on the stock. This represents an increase of 24% compared to the typical daily volume of 16,336 call options.

Redfin Price Performance

Shares of NASDAQ:RDFN opened at $10.38 on Thursday. The business’s 50-day moving average is $7.97 and its 200 day moving average is $9.42. The firm has a market capitalization of $1.31 billion, a P/E ratio of -8.11 and a beta of 2.90. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29.

Insider Activity

In related news, insider Christian John Taubman sold 16,333 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the sale, the insider now directly owns 73,466 shares of the company’s stock, valued at $620,053.04. This represents a 18.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Hennessy Advisors Inc. acquired a new position in shares of Redfin in the fourth quarter valued at about $40,109,000. Geode Capital Management LLC increased its holdings in shares of Redfin by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company’s stock valued at $24,243,000 after purchasing an additional 56,865 shares during the period. Two Sigma Advisers LP increased its holdings in shares of Redfin by 17.4% in the fourth quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock valued at $19,865,000 after purchasing an additional 374,200 shares during the period. Northern Trust Corp increased its holdings in shares of Redfin by 11.0% in the fourth quarter. Northern Trust Corp now owns 1,147,666 shares of the company’s stock valued at $9,032,000 after purchasing an additional 113,466 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Redfin by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,021,905 shares of the company’s stock valued at $8,042,000 after purchasing an additional 23,621 shares during the period. 61.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RDFN has been the topic of a number of research reports. Citigroup reduced their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. DA Davidson reaffirmed a “neutral” rating and set a $7.25 target price on shares of Redfin in a research report on Wednesday, February 19th. Susquehanna reduced their target price on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Tuesday. Finally, Piper Sandler raised shares of Redfin from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $4.00 to $12.50 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Redfin has a consensus rating of “Hold” and a consensus price target of $9.48.

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.