Jennison Associates LLC Has $626,000 Stake in Redfin Co. (NASDAQ:RDFN)

Jennison Associates LLC increased its position in shares of Redfin Co. (NASDAQ:RDFN) by 57.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 94,199 shares of the company’s stock after buying an additional 34,363 shares during the period. Jennison Associates LLC’s holdings in Redfin were worth $626,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in RDFN. Allspring Global Investments Holdings LLC increased its holdings in Redfin by 205.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after buying an additional 3,101 shares during the last quarter. New York State Teachers Retirement System acquired a new position in Redfin during the first quarter worth $66,000. First Trust Direct Indexing L.P. acquired a new position in Redfin during the first quarter worth $72,000. Tower Research Capital LLC TRC increased its holdings in Redfin by 101.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,864 shares of the company’s stock worth $91,000 after buying an additional 4,474 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Redfin by 17.7% in the first quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock valued at $99,000 after purchasing an additional 2,241 shares during the last quarter. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $6.96, for a total transaction of $25,278.72. Following the transaction, the insider now directly owns 57,274 shares in the company, valued at approximately $398,627.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is currently owned by insiders.

Redfin Stock Up 0.3 %

Shares of NASDAQ RDFN opened at $6.45 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 295.91. The company has a market cap of $770.59 million, a price-to-earnings ratio of -5.42 and a beta of 2.66. Redfin Co. has a 12 month low of $4.26 and a 12 month high of $17.68. The stock has a 50-day moving average price of $6.43 and a two-hundred day moving average price of $7.01.

Redfin (NASDAQ:RDFN) last issued its earnings results on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.01. The firm had revenue of $225.50 million during the quarter, compared to the consensus estimate of $217.79 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.76%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.93) earnings per share. As a group, analysts forecast that Redfin Co. will post -1.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RDFN shares. Citigroup reduced 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. Wedbush reissued a “neutral” rating and issued a $8.00 target price on shares of Redfin in a research report on Wednesday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research report on Thursday, May 16th. DA Davidson reissued a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Wednesday, July 3rd. Finally, Stephens raised shares of Redfin from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $8.00 to $9.00 in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $8.08.

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.