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

Redfin Co. (NASDAQ:RDFN) was the recipient of unusually large options trading activity on Monday. Investors acquired 13,181 call options on the company. This represents an increase of 57% compared to the typical volume of 8,415 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RDFN shares. Stephens upgraded shares of Redfin from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $8.00 to $9.00 in a report on Wednesday, May 8th. Citigroup dropped their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Thursday, May 16th. DA Davidson reiterated a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research note on Wednesday, July 3rd. Finally, Wedbush restated a “neutral” rating and set a $8.00 target price on shares of Redfin in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.08.

Insider Transactions at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $6.96, for a total transaction of $25,278.72. Following the completion of the sale, the insider now directly owns 57,274 shares in the company, valued at $398,627.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

Large investors have recently bought and sold shares of the stock. Mather Group LLC. lifted its stake in shares of Redfin by 282.1% during the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after buying an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Redfin by 205.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after acquiring an additional 3,101 shares during the period. EntryPoint Capital LLC acquired a new stake in Redfin during the 1st quarter worth about $58,000. New York State Teachers Retirement System purchased a new stake in Redfin during the 1st quarter valued at about $66,000. Finally, First Trust Direct Indexing L.P. acquired a new position in shares of Redfin in the first quarter valued at about $72,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Redfin Stock Up 7.1 %

Shares of Redfin stock traded up $0.54 during trading on Monday, reaching $8.11. The company’s stock had a trading volume of 4,909,215 shares, compared to its average volume of 4,920,320. The company has a 50-day simple moving average of $6.48 and a two-hundred day simple moving average of $6.94. Redfin has a 1-year low of $4.26 and a 1-year high of $16.97. The company has a market cap of $968.91 million, a price-to-earnings ratio of -6.36 and a beta of 2.66. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.01. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.76%. The business had revenue of $225.50 million during the quarter, compared to the consensus estimate of $217.79 million. During the same quarter last year, the company earned ($0.93) earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that Redfin will post -1.11 earnings per share for the current year.

About Redfin

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.