Redfin Sees Unusually Large Options Volume (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the recipient of some unusual options trading on Wednesday. Investors purchased 20,244 call options on the stock. This represents an increase of approximately 24% compared to the typical daily volume of 16,336 call options.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RDFN. Citigroup decreased their price objective on Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. B. Riley lowered Redfin from a “strong-buy” rating to a “hold” rating in a report on Monday. Zelman & Associates raised Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a report on Tuesday. Finally, Gordon Haskett raised Redfin to a “hold” rating in a report on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.48.

Insider Activity

In other news, insider Christian John Taubman sold 16,333 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the transaction, the insider now directly owns 73,466 shares of the company’s stock, valued at approximately $620,053.04. This represents a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning lifted its position in shares of Redfin by 8.1% during the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after acquiring an additional 1,181 shares during the last quarter. Cerity Partners LLC lifted its position in shares of Redfin by 3.3% during the 4th quarter. Cerity Partners LLC now owns 37,285 shares of the company’s stock valued at $293,000 after acquiring an additional 1,189 shares during the last quarter. Merit Financial Group LLC lifted its position in shares of Redfin by 10.7% during the 4th quarter. Merit Financial Group LLC now owns 15,848 shares of the company’s stock valued at $125,000 after acquiring an additional 1,529 shares during the last quarter. US Bancorp DE lifted its position in shares of Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock valued at $43,000 after acquiring an additional 1,799 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Redfin by 76.3% during the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after acquiring an additional 2,520 shares during the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $10.50 on Friday. The stock has a fifty day moving average price of $7.97 and a two-hundred day moving average price of $9.42. The firm has a market cap of $1.33 billion, a P/E ratio of -8.20 and a beta of 2.90. Redfin has a 1 year low of $5.10 and a 1 year high of $15.29.

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.