Redfin Corp (RDFN) Sees Significant Increase in Short Interest

Redfin Corp (NASDAQ:RDFN) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 19,629,158 shares, an increase of 12.6% from the October 15th total of 17,434,764 shares. Approximately 33.8% of the company’s shares are sold short. Based on an average daily volume of 996,630 shares, the short-interest ratio is presently 19.7 days.

In other news, insider Scott Nagel sold 6,250 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $16.44, for a total value of $102,750.00. Following the completion of the sale, the insider now directly owns 14,583 shares of the company’s stock, valued at approximately $239,744.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Christopher John Nielsen sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $17.80, for a total transaction of $178,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $178,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,290 shares of company stock valued at $1,005,361. Corporate insiders own 8.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Great West Life Assurance Co. Can purchased a new position in Redfin during the 2nd quarter valued at about $106,000. Public Employees Retirement Association of Colorado purchased a new position in Redfin during the 3rd quarter valued at about $139,000. Caption Management LLC purchased a new position in Redfin during the 2nd quarter valued at about $191,000. Perkins Coie Trust Co lifted its position in Redfin by 52.4% during the 2nd quarter. Perkins Coie Trust Co now owns 8,648 shares of the company’s stock valued at $200,000 after acquiring an additional 2,972 shares during the period. Finally, Teacher Retirement System of Texas purchased a new position in Redfin during the 2nd quarter valued at about $211,000. 78.16% of the stock is owned by institutional investors.

Shares of NASDAQ RDFN opened at $15.06 on Friday. Redfin has a 1 year low of $13.50 and a 1 year high of $31.50. The stock has a market cap of $1.46 billion, a P/E ratio of -75.30 and a beta of -0.63.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Redfin had a negative net margin of 15.12% and a negative return on equity of 10.83%. The company had revenue of $140.30 million during the quarter, compared to analysts’ expectations of $139.45 million. During the same period last year, the company posted $0.12 EPS. Redfin’s revenue was up 28.1% on a year-over-year basis. As a group, equities analysts anticipate that Redfin will post -0.43 earnings per share for the current year.

RDFN has been the subject of several research analyst reports. BidaskClub cut shares of Redfin from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Cowen set a $23.00 target price on shares of Redfin and gave the stock a “buy” rating in a research report on Friday, October 19th. Macquarie initiated coverage on shares of Redfin in a research report on Monday, September 17th. They issued a “neutral” rating and a $20.00 target price for the company. William Blair reaffirmed an “outperform” rating on shares of Redfin in a research report on Friday, August 10th. Finally, Stifel Nicolaus dropped their target price on shares of Redfin from $25.00 to $20.00 and set a “hold” rating for the company in a research report on Friday, August 10th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Redfin has an average rating of “Hold” and an average target price of $23.42.

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About Redfin

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.

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