Redfin Corp (RDFN) Sees Large Increase in Short Interest

Redfin Corp (NASDAQ:RDFN) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 15,361,967 shares, a growth of 22.3% from the August 15th total of 12,555,896 shares. Based on an average daily volume of 1,723,412 shares, the days-to-cover ratio is presently 8.9 days. Approximately 26.5% of the shares of the stock are sold short.

Several brokerages have weighed in on RDFN. BidaskClub raised Redfin from a “hold” rating to a “buy” rating in a research note on Thursday, June 28th. Zelman & Associates began coverage on Redfin in a research note on Monday, June 25th. They set a “buy” rating on the stock. Zacks Investment Research cut Redfin from a “hold” rating to a “sell” rating in a research note on Thursday, July 12th. DA Davidson set a $28.00 price objective on Redfin and gave the stock a “buy” rating in a research note on Tuesday, May 22nd. Finally, Stifel Nicolaus reduced their price objective on Redfin from $25.00 to $20.00 and set a “hold” rating on the stock in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $24.55.

In other news, insider Adam Wiener sold 10,000 shares of Redfin stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $22.39, for a total value of $223,900.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Bridget Frey sold 5,000 shares of Redfin stock in a transaction dated Tuesday, June 26th. The stock was sold at an average price of $22.36, for a total value of $111,800.00. Following the completion of the sale, the insider now directly owns 253,929 shares in the company, valued at $5,677,852.44. The disclosure for this sale can be found here. Insiders sold 46,710 shares of company stock worth $1,006,644 over the last ninety days. Insiders own 8.80% of the company’s stock.

Large investors have recently made changes to their positions in the business. Great West Life Assurance Co. Can purchased a new position in shares of Redfin during the second quarter valued at approximately $106,000. Caption Management LLC purchased a new position in shares of Redfin during the second quarter valued at approximately $191,000. Perkins Coie Trust Co boosted its position in shares of Redfin by 52.4% during the second quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock valued at $200,000 after buying an additional 2,972 shares during the period. Bluestein R H & Co. purchased a new position in shares of Redfin during the first quarter valued at approximately $208,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Redfin during the second quarter valued at approximately $211,000. Institutional investors and hedge funds own 76.69% of the company’s stock.

Shares of NASDAQ RDFN opened at $18.77 on Friday. Redfin has a 1-year low of $16.69 and a 1-year high of $31.50. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -98.45 and a beta of -2.90.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, August 9th. The company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.02. Redfin had a negative return on equity of 10.83% and a negative net margin of 15.12%. The company had revenue of $142.60 million for the quarter, compared to analysts’ expectations of $140.12 million. During the same period in the previous year, the firm posted $0.06 earnings per share. The firm’s revenue for the quarter was up 35.9% on a year-over-year basis. equities analysts predict that Redfin will post -0.41 EPS for the current fiscal year.

Redfin Company Profile

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, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

Further Reading: Understanding Average Daily Trade Volume

Receive News & Ratings for Redfin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redfin and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply