Algert Global LLC Buys New Holdings in Redfin Co. (NASDAQ:RDFN)

Algert Global LLC purchased a new position in Redfin Co. (NASDAQ:RDFN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,990 shares of the company’s stock, valued at approximately $72,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Redfin by 11.3% in the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock worth $127,623,000 after buying an additional 1,953,127 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Redfin by 25.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock valued at $14,450,000 after acquiring an additional 445,486 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Redfin by 695.2% during the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock valued at $2,113,000 after acquiring an additional 307,396 shares during the last quarter. Manchester Capital Management LLC boosted its holdings in shares of Redfin by 135.7% during the first quarter. Manchester Capital Management LLC now owns 144,118 shares of the company’s stock worth $958,000 after purchasing an additional 82,965 shares during the period. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of Redfin during the second quarter worth about $479,000. Institutional investors own 61.07% of the company’s stock.

Insiders Place Their Bets

In related news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the completion of the sale, the insider now owns 71,720 shares of the company’s stock, valued at $663,410. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RDFN shares. DA Davidson reaffirmed a “neutral” rating and set a $7.25 price target on shares of Redfin in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. dropped their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. B. Riley boosted their price objective on shares of Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Finally, Wedbush reiterated a “neutral” rating and set a $8.00 price target on shares of Redfin in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.88.

Redfin Stock Up 6.6 %

Shares of RDFN opened at $10.71 on Friday. Redfin Co. has a 52 week low of $4.26 and a 52 week high of $15.29. The stock has a market cap of $1.30 billion, a P/E ratio of -9.15 and a beta of 2.68. The business’s 50 day moving average price is $10.38 and its 200-day moving average price is $7.87.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.03. The company had revenue of $295.20 million for the quarter, compared to the consensus estimate of $291.59 million. Redfin’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.25) earnings per share. On average, equities analysts anticipate that Redfin Co. will post -1.13 EPS for the current year.

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.