Redfin Sees Unusually High Options Volume (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the target of unusually large options trading on Monday. Investors purchased 14,818 call options on the stock. This is an increase of approximately 60% compared to the typical daily volume of 9,285 call options.

Redfin Price Performance

NASDAQ:RDFN traded up $1.30 during mid-day trading on Monday, hitting $8.76. The company’s stock had a trading volume of 11,930,479 shares, compared to its average volume of 4,917,627. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 295.91. The stock has a fifty day moving average of $6.92 and a 200-day moving average of $6.71. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -6.82 and a beta of 2.65. Redfin has a fifty-two week low of $4.26 and a fifty-two week high of $11.16.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.03. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The business had revenue of $295.20 million for the quarter, compared to analyst estimates of $291.59 million. During the same quarter in the previous year, the firm earned ($0.25) EPS. Redfin’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts forecast that Redfin will post -1.14 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 value of $25,278.72. Following the completion of the sale, the insider now owns 57,274 shares of the company’s stock, valued at $398,627.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

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

Wall Street Analysts Forecast Growth

RDFN has been the subject of several recent research reports. Susquehanna cut their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Stephens raised shares of Redfin from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $8.00 to $9.00 in a research report on Wednesday, May 8th. Citigroup decreased their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. JPMorgan Chase & Co. cut their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, DA Davidson reiterated a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a report on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.18.

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.