Stock Traders Buy High Volume of Redfin Call Options (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the target of unusually large options trading activity on Wednesday. Traders bought 20,244 call options on the company. This is an increase of approximately 24% compared to the average daily volume of 16,336 call options.

Redfin Stock Up 6.4 %

RDFN opened at $10.38 on Thursday. The firm has a 50-day simple moving average of $7.97 and a two-hundred day simple moving average of $9.42. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29. The company has a market capitalization of $1.31 billion, a PE ratio of -8.11 and a beta of 2.90.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,333 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $8.44, for a total value of $137,850.52. Following the transaction, the insider now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RDFN. Hennessy Advisors Inc. bought a new position in shares of Redfin during the 4th quarter valued at about $40,109,000. Two Sigma Advisers LP raised its position in shares of Redfin by 124.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,149,900 shares of the company’s stock valued at $26,938,000 after buying an additional 1,193,900 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Redfin during the 3rd quarter valued at about $10,650,000. BNP Paribas Financial Markets raised its position in shares of Redfin by 476.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 799,523 shares of the company’s stock valued at $10,018,000 after buying an additional 660,872 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Redfin by 89.0% during the 4th quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company’s stock valued at $4,855,000 after buying an additional 290,545 shares in the last quarter. Institutional investors own 61.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RDFN. Zelman & Associates raised Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. DA Davidson reissued a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Wednesday, February 19th. Susquehanna reduced their price target on Redfin from $10.00 to $7.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. Piper Sandler raised Redfin from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $4.00 to $12.50 in a research report on Tuesday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Redfin currently has an average rating of “Hold” and an average target price of $9.48.

About Redfin

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.