First Republic Investment Management Inc. grew its position in shares of Redfin Corp (NASDAQ:RDFN) by 7.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,261 shares of the company’s stock after purchasing an additional 1,761 shares during the quarter. First Republic Investment Management Inc.’s holdings in Redfin were worth $436,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in RDFN. Penserra Capital Management LLC bought a new stake in shares of Redfin in the 1st quarter valued at $25,000. Edge Wealth Management LLC grew its position in Redfin by 90.9% in the 2nd quarter. Edge Wealth Management LLC now owns 4,200 shares of the company’s stock valued at $76,000 after purchasing an additional 2,000 shares during the period. Aperio Group LLC acquired a new stake in Redfin in the 2nd quarter valued at $96,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Redfin by 148.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,579 shares of the company’s stock valued at $118,000 after purchasing an additional 3,932 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in Redfin in the 2nd quarter valued at $192,000. Hedge funds and other institutional investors own 88.63% of the company’s stock.
Several analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Redfin from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. DA Davidson set a $16.00 price objective on shares of Redfin and gave the stock a “hold” rating in a report on Tuesday, July 2nd. Wedbush set a $30.00 price objective on shares of Redfin and gave the stock a “buy” rating in a report on Friday, July 12th. Compass Point raised shares of Redfin from a “neutral” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Friday, August 2nd. Finally, Craig Hallum raised shares of Redfin from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Wednesday, August 21st. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $23.00.
In other news, CFO Christopher John Nielsen sold 3,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $17.35, for a total transaction of $52,050.00. Following the completion of the sale, the chief financial officer now owns 8,542 shares of the company’s stock, valued at $148,203.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Adam Wiener sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $18.03, for a total value of $90,150.00. Following the sale, the insider now directly owns 255,503 shares of the company’s stock, valued at approximately $4,606,719.09. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,250 shares of company stock valued at $2,848,874. 8.20% of the stock is owned by insiders.
Shares of RDFN traded down $0.16 during midday trading on Friday, hitting $17.91. 381,016 shares of the company traded hands, compared to its average volume of 1,039,840. Redfin Corp has a one year low of $13.50 and a one year high of $23.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.91 and a quick ratio of 3.19. The firm has a market cap of $1.64 billion, a P/E ratio of -36.55 and a beta of 1.38. The stock has a 50-day moving average of $17.64 and a 200-day moving average of $18.68.
Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The company had revenue of $197.80 million during the quarter, compared to analyst estimates of $190.35 million. Redfin had a negative return on equity of 25.83% and a negative net margin of 15.47%. Redfin’s revenue was up 38.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.04 earnings per share. Sell-side analysts forecast that Redfin Corp will post -0.93 EPS for the current fiscal year.
Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.
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