Redfin Sees Unusually Large Options Volume (NASDAQ:RDFN)

by · The Markets Daily

Redfin Co. (NASDAQ:RDFN – Get Free Report) was the target of some unusual options trading on Wednesday. Investors bought 20,244 call options on the company. This is an increase of approximately 24% compared to the average daily volume of 16,336 call options.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RDFN. Zelman & Associates raised Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. The Goldman Sachs Group downgraded Redfin from a “neutral” rating to a “sell” rating and boosted their price target for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Gordon Haskett raised Redfin to a “hold” rating in a research report on Monday. Citigroup decreased their target price on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Tuesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.48.

Get Our Latest Stock Report on RDFN

Insider Activity

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Redfin during the fourth quarter valued at approximately $27,000. Quest Partners LLC acquired a new stake in Redfin during the third quarter valued at approximately $47,000. R Squared Ltd acquired a new stake in Redfin during the fourth quarter valued at approximately $33,000. US Bancorp DE raised its stake in Redfin by 48.3% during the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after buying an additional 1,799 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Redfin by 76.3% during the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after buying an additional 2,520 shares in the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

Redfin Stock Performance

NASDAQ:RDFN opened at $10.50 on Friday. Redfin has a one year low of $5.10 and a one year high of $15.29. The business’s 50-day simple moving average is $7.97 and its 200 day simple moving average is $9.42. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -8.20 and a beta of 2.90.

Redfin Company Profile

(Get Free Report)

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.

See Also