Redfin Sees Unusually High Options Volume (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) saw unusually large options trading activity on Wednesday. Stock traders acquired 21,825 call options on the stock. This represents an increase of 50% compared to the average volume of 14,522 call options.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RDFN shares. The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and raised their price target for the stock from $6.00 to $6.50 in a report on Monday, November 18th. JPMorgan Chase & Co. boosted their target price on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Susquehanna raised their price target on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. DA Davidson reissued a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research note on Tuesday, November 19th. Finally, Wedbush lifted their target price on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $9.16.

Redfin Stock Up 12.4 %

RDFN stock traded up $0.99 during midday trading on Wednesday, hitting $8.94. The company’s stock had a trading volume of 5,069,440 shares, compared to its average volume of 4,366,429. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -6.96 and a beta of 2.66. The stock’s 50-day moving average price is $8.27 and its 200 day moving average price is $9.41.

Insider Transactions at Redfin

In other news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction 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 transaction, the insider now owns 73,466 shares in the company, valued at approximately $620,053.04. This trade represents a 18.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony Ray Kappus sold 8,417 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the sale, the insider now directly owns 29,978 shares in the company, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their position. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Redfin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennessy Advisors Inc. bought a new stake in Redfin in the fourth quarter worth about $40,109,000. Two Sigma Advisers LP lifted its stake in Redfin by 124.9% in the third quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock valued at $26,938,000 after purchasing an additional 1,193,900 shares during the last quarter. Tidal Investments LLC bought a new position in Redfin during the third quarter valued at $10,650,000. Assenagon Asset Management S.A. increased its position in Redfin by 210.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,092,371 shares of the company’s stock worth $13,687,000 after buying an additional 740,759 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Redfin by 476.6% in the third quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after buying an additional 660,872 shares during the period. 61.07% of the stock is owned by hedge funds and other 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.