Investors Purchase High Volume of Call Options on Redfin (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the target of some unusual options trading on Wednesday. Stock investors purchased 20,244 call options on the company. This represents an increase of 24% compared to the average volume of 16,336 call options.

Redfin Stock Up 6.9 %

Shares of RDFN traded up $0.67 during trading hours on Wednesday, reaching $10.43. 13,160,990 shares of the company traded hands, compared to its average volume of 6,008,918. The business has a fifty day moving average price of $7.92 and a 200-day moving average price of $9.41. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29. The stock has a market capitalization of $1.32 billion, a P/E ratio of -8.12 and a beta of 2.90.

Insider Buying and Selling at Redfin

In other news, insider Christian John Taubman sold 16,333 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

Several large investors have recently added to or reduced their stakes in RDFN. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Redfin in the fourth quarter worth about $27,000. R Squared Ltd acquired a new stake in Redfin during the fourth quarter worth $33,000. US Bancorp DE raised its holdings in Redfin by 48.3% in the 4th 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 during the period. Blue Trust Inc. raised its position in Redfin by 76.3% in the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after purchasing an additional 2,520 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Redfin during the third quarter worth about $47,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RDFN shares. DA Davidson reiterated a “neutral” rating and set a $7.25 price objective on shares of Redfin in a report on Wednesday, February 19th. B. Riley lowered Redfin from a “strong-buy” rating to a “hold” rating in a research report on Monday. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. The Goldman Sachs Group lowered shares of 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 report on Monday, November 18th. Finally, Piper Sandler raised shares of Redfin from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $4.00 to $12.50 in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company 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.