Stock Traders Purchase High Volume of Redfin Call Options (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the target of unusually large options trading activity on Wednesday. Traders purchased 21,825 call options on the stock. This is an increase of 50% compared to the average daily volume of 14,522 call options.

Analyst Ratings Changes

Several research firms have commented on RDFN. Citigroup reduced their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Susquehanna raised their target price on Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. DA Davidson reissued a “neutral” rating and issued a $7.25 price target on shares of Redfin in a report on Tuesday, November 19th. Jefferies Financial Group raised their price objective on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Finally, Wedbush upped their target price on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Redfin presently has an average rating of “Hold” and a consensus price target of $9.16.

Redfin Trading Up 12.4 %

Redfin stock traded up $0.99 during mid-day trading on Wednesday, hitting $8.94. The stock had a trading volume of 5,069,440 shares, compared to its average volume of 4,366,429. The stock has a 50-day simple moving average of $8.27 and a two-hundred day simple moving average of $9.41. The stock has a market capitalization of $1.11 billion, a PE ratio of -6.96 and a beta of 2.66. Redfin has a 12 month low of $5.10 and a 12 month high of $15.29.

Insider Buying and Selling

In other news, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now owns 29,978 shares in the company, 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 can be accessed through the SEC website. Also, 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 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 position. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Redfin

Institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its stake in shares of Redfin by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,971 shares of the company’s stock valued at $270,000 after purchasing an additional 3,371 shares during the period. SG Americas Securities LLC bought a new stake in Redfin during the 3rd quarter worth approximately $616,000. CWM LLC lifted its stake in Redfin by 45.6% in the third quarter. CWM LLC now owns 8,725 shares of the company’s stock valued at $109,000 after buying an additional 2,734 shares in the last quarter. Creative Planning boosted its holdings in shares of Redfin by 8.1% in the third quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after buying an additional 1,181 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Redfin by 285.7% during 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 in the last quarter. 61.07% of the stock is owned by institutional investors.

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.