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

Redfin Co. (NASDAQ:RDFN) was the target of unusually large options trading activity on Friday. Stock traders bought 51,185 call options on the stock. This represents an increase of approximately 168% compared to the typical volume of 19,098 call options.

Redfin Stock Down 15.6 %

Shares of NASDAQ RDFN opened at $9.67 on Friday. The firm’s 50-day simple moving average is $11.17 and its 200 day simple moving average is $8.49. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -8.26 and a beta of 2.70. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29.

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

Insider Transactions at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the transaction, the insider now owns 71,720 shares in the company, valued at $663,410. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Trading of Redfin

Institutional investors and hedge funds have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC boosted its position in Redfin by 98.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock worth $536,000 after acquiring an additional 44,377 shares during the last quarter. Vanguard Group Inc. grew its position in Redfin by 11.3% in the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock valued at $127,623,000 after acquiring an additional 1,953,127 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Redfin during the first quarter valued at about $58,000. SG Americas Securities LLC acquired a new position in shares of Redfin in the third quarter worth approximately $616,000. Finally, Jacobs Levy Equity Management Inc. lifted its stake 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 worth $14,450,000 after acquiring an additional 445,486 shares during the period. 61.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group raised their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. B. Riley raised 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. JPMorgan Chase & Co. lowered their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. Finally, Wedbush boosted their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.83.

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.