Scientech Research LLC Raises Stock Position in Redfin Co. (NASDAQ:RDFN)

Scientech Research LLC boosted its holdings in shares of Redfin Co. (NASDAQ:RDFN) by 162.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 84,562 shares of the company’s stock after purchasing an additional 52,367 shares during the period. Scientech Research LLC’s holdings in Redfin were worth $508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Redfin by 7.9% in the 4th quarter. Vanguard Group Inc. now owns 17,238,307 shares of the company’s stock worth $177,899,000 after purchasing an additional 1,260,746 shares in the last quarter. HighPoint Advisor Group LLC acquired a new stake in Redfin during the fourth quarter valued at $552,000. Allspring Global Investments Holdings LLC increased its holdings in Redfin by 205.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock valued at $31,000 after buying an additional 3,101 shares in the last quarter. CAP Partners LLC raised its position in shares of Redfin by 18.5% in the first quarter. CAP Partners LLC now owns 31,633 shares of the company’s stock worth $210,000 after acquiring an additional 4,939 shares during the period. Finally, First Trust Direct Indexing L.P. purchased a new stake in shares of Redfin during the 1st quarter worth about $72,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

Redfin Trading Down 2.6 %

Shares of RDFN opened at $12.51 on Monday. 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 $1.52 billion, a PE ratio of -10.51 and a beta of 2.66. The firm’s fifty day moving average is $9.73 and its two-hundred day moving average is $7.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.03. The company had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. During the same quarter in the prior year, the company earned ($0.25) EPS. Redfin’s revenue was up 7.2% compared to the same quarter last year. Research analysts forecast that Redfin Co. will post -1.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDFN has been the subject of several recent analyst reports. Wedbush restated a “neutral” rating and issued a $8.00 price target on shares of Redfin in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. B. Riley upgraded shares of Redfin from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $7.50 to $13.00 in a research report on Tuesday, September 3rd. Finally, DA Davidson reaffirmed a “neutral” rating and set a $7.25 price objective on shares of Redfin in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.68.

Insider Activity

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was 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 $663,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.40% of the company’s stock.

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.