Redfin Corp (NASDAQ:RDFN) Short Interest Update

Redfin Corp (NASDAQ:RDFN) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 18,332,236 shares, a decline of 6.5% from the February 28th total of 19,608,970 shares. Approximately 26.3% of the company’s stock are sold short. Based on an average daily volume of 1,360,862 shares, the short-interest ratio is presently 13.5 days.

Several research analysts recently weighed in on RDFN shares. Zacks Investment Research upgraded shares of Redfin from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Saturday, January 12th. BidaskClub cut shares of Redfin from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Piper Jaffray Companies upgraded shares of Redfin from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $17.00 to $26.00 in a report on Monday, April 1st. Compass Point started coverage on shares of Redfin in a research note on Thursday, January 24th. They issued a “buy” rating and a $20.50 target price on the stock. Finally, Jefferies Financial Group cut shares of Redfin from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $21.44.

In other news, insider Scott Nagel sold 13,333 shares of Redfin stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $21.92, for a total transaction of $292,259.36. Following the completion of the transaction, the insider now directly owns 136,667 shares in the company, valued at $2,995,740.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Glenn Kelman acquired 25,532 shares of Redfin stock in a transaction dated Tuesday, February 19th. The shares were acquired at an average price of $19.56 per share, with a total value of $499,405.92. Following the completion of the acquisition, the chief executive officer now directly owns 2,014,973 shares of the company’s stock, valued at $39,412,871.88. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 62,973 shares of company stock valued at $1,297,607. Insiders own 8.80% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in Redfin during the 3rd quarter worth approximately $284,000. BlackRock Inc. increased its holdings in shares of Redfin by 33.8% in the 3rd quarter. BlackRock Inc. now owns 4,953,847 shares of the company’s stock worth $92,637,000 after buying an additional 1,251,210 shares during the last quarter. Capital International Investors bought a new position in shares of Redfin in the 3rd quarter worth $107,820,000. Metropolitan Life Insurance Co. NY increased its holdings in shares of Redfin by 376.0% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 25,249 shares of the company’s stock worth $364,000 after buying an additional 19,945 shares during the last quarter. Finally, Freestone Capital Holdings LLC increased its holdings in shares of Redfin by 1.3% in the 4th quarter. Freestone Capital Holdings LLC now owns 271,839 shares of the company’s stock worth $3,914,000 after buying an additional 3,440 shares during the last quarter. 94.81% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ RDFN traded up $0.36 during midday trading on Friday, hitting $22.15. The company’s stock had a trading volume of 636,359 shares, compared to its average volume of 941,144. Redfin has a one year low of $13.50 and a one year high of $26.01. The company has a quick ratio of 10.25, a current ratio of 10.74 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.00 billion, a P/E ratio of -45.20 and a beta of 0.92.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Thursday, February 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.04. The company had revenue of $124.10 million for the quarter, compared to analyst estimates of $117.15 million. Redfin had a negative net margin of 8.62% and a negative return on equity of 14.24%. The company’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. Equities analysts expect that Redfin will post -0.86 EPS for the current year.

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Redfin Company Profile

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, including assisting individuals in 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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