Bank of New York Mellon Corp Buys 59,689 Shares of Redfin Co. (NASDAQ:RDFN)

Bank of New York Mellon Corp grew its stake in shares of Redfin Co. (NASDAQ:RDFN) by 15.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 446,172 shares of the company’s stock after acquiring an additional 59,689 shares during the period. Bank of New York Mellon Corp owned about 0.37% of Redfin worth $2,681,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. ProShare Advisors LLC lifted its stake in shares of Redfin by 9.8% during the 1st quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock valued at $132,000 after buying an additional 1,766 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Redfin by 17.7% during the 1st quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock valued at $99,000 after buying an additional 2,241 shares in the last quarter. Mather Group LLC. lifted its stake in shares of Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after buying an additional 2,821 shares in the last quarter. Swiss National Bank lifted its stake in shares of Redfin by 1.3% during the 1st quarter. Swiss National Bank now owns 227,500 shares of the company’s stock valued at $1,513,000 after buying an additional 2,900 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Redfin by 24.9% during the 4th quarter. Victory Capital Management Inc. now owns 14,856 shares of the company’s stock valued at $153,000 after buying an additional 2,957 shares in the last quarter. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Price Performance

Shares of NASDAQ:RDFN opened at $14.45 on Monday. The company’s fifty day moving average price is $8.60 and its 200-day moving average price is $7.09. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -12.14 and a beta of 2.66. Redfin Co. has a one year low of $4.26 and a one year high of $14.47. The company has a debt-to-equity ratio of 295.91, a current ratio of 1.48 and a quick ratio of 1.48.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $295.20 million for the quarter, compared to analyst estimates of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.25) EPS. On average, equities research analysts anticipate that Redfin Co. will post -1.13 earnings per share for the current fiscal year.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction 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 transaction, the insider now owns 71,720 shares of the company’s stock, valued at approximately $663,410. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RDFN. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a research note on Wednesday, August 7th. B. Riley upgraded shares of Redfin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $7.50 to $13.00 in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. lowered their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research note on Wednesday, July 3rd. Finally, Susquehanna lowered their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.68.

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.