Redfin Corp (NASDAQ:RDFN) fell 6.6% during mid-day trading on Friday following insider selling activity. The stock traded as low as $15.56 and last traded at $15.72. 1,357,078 shares changed hands during trading, an increase of 3% from the average session volume of 1,320,419 shares. The stock had previously closed at $16.83.
Specifically, insider Scott Nagel sold 6,250 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $16.44, for a total value of $102,750.00. Following the transaction, the insider now owns 14,583 shares in the company, valued at $239,744.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Wiener sold 10,000 shares of the stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $16.05, for a total value of $160,500.00. Following the completion of the transaction, the insider now owns 208,449 shares in the company, valued at approximately $3,345,606.45. The disclosure for this sale can be found here. Insiders sold a total of 67,290 shares of company stock worth $1,229,261 in the last quarter. 8.80% of the stock is owned by corporate insiders.
A number of research firms recently commented on RDFN. BidaskClub upgraded Redfin from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Zacks Investment Research downgraded Redfin from a “hold” rating to a “sell” rating in a report on Thursday, July 12th. William Blair restated an “outperform” rating on shares of Redfin in a report on Friday, August 10th. Stifel Nicolaus dropped their price objective on Redfin from $25.00 to $20.00 and set a “hold” rating on the stock in a report on Friday, August 10th. Finally, DA Davidson downgraded Redfin from a “buy” rating to a “hold” rating and set a $22.00 price objective on the stock. in a report on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $23.58.
Redfin (NASDAQ:RDFN) last announced its earnings results on Thursday, August 9th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $142.60 million during the quarter, compared to analysts’ expectations of $140.12 million. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The company’s revenue was up 35.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share. On average, sell-side analysts anticipate that Redfin Corp will post -0.42 EPS for the current year.
A number of institutional investors have recently made changes to their positions in the business. Institute for Wealth Management LLC. boosted its position in Redfin by 14.9% during the second quarter. Institute for Wealth Management LLC. now owns 19,749 shares of the company’s stock worth $456,000 after purchasing an additional 2,559 shares during the period. Perkins Coie Trust Co boosted its position in Redfin by 52.4% during the second quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock worth $200,000 after purchasing an additional 2,972 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Redfin by 26.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 17,790 shares of the company’s stock valued at $411,000 after acquiring an additional 3,760 shares during the period. Voya Investment Management LLC boosted its position in shares of Redfin by 18.1% in the second quarter. Voya Investment Management LLC now owns 28,457 shares of the company’s stock valued at $657,000 after acquiring an additional 4,366 shares during the period. Finally, Great West Life Assurance Co. Can bought a new stake in shares of Redfin in the second quarter valued at approximately $106,000. 77.42% of the stock is owned by hedge funds and other institutional investors.
About Redfin (NASDAQ:RDFN)
Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.
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