Redfin Target of Unusually Large Options Trading (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the recipient of unusually large options trading on Wednesday. Stock investors acquired 20,244 call options on the company. This represents an increase of 24% compared to the typical daily volume of 16,336 call options.

Redfin Trading Up 6.9 %

NASDAQ:RDFN traded up $0.67 during trading hours on Wednesday, reaching $10.43. The company had a trading volume of 13,160,990 shares, compared to its average volume of 6,008,918. The firm’s 50 day moving average price is $7.92 and its 200-day moving average price is $9.41. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -8.12 and a beta of 2.90. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29.

Insider Transactions at Redfin

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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Hennessy Advisors Inc. bought a new stake in shares of Redfin during the 4th quarter valued at $40,109,000. Geode Capital Management LLC grew its holdings in Redfin by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 3,079,813 shares of the company’s stock valued at $24,243,000 after buying an additional 56,865 shares in the last quarter. Two Sigma Advisers LP lifted 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 worth $19,865,000 after buying an additional 374,200 shares in the last quarter. Northern Trust Corp boosted its position in shares of Redfin by 11.0% during the fourth quarter. Northern Trust Corp now owns 1,147,666 shares of the company’s stock worth $9,032,000 after acquiring an additional 113,466 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Redfin by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,021,905 shares of the company’s stock worth $8,042,000 after purchasing an additional 23,621 shares in the last quarter. 61.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RDFN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research note on Tuesday. Zelman & Associates upgraded shares of Redfin to a “strong-buy” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Piper Sandler upgraded shares of Redfin from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $4.00 to $12.50 in a report on Tuesday. Finally, Citigroup lowered their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average 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.