Stock Traders Purchase Large Volume of Redfin Call Options (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the recipient of unusually large options trading activity on Monday. Investors bought 14,818 call options on the stock. This represents an increase of 60% compared to the typical daily volume of 9,285 call options.

Redfin Stock Up 4.1 %

RDFN stock opened at $9.12 on Wednesday. The company has a market cap of $1.11 billion, a PE ratio of -7.66 and a beta of 2.65. The business has a 50-day simple moving average of $7.03 and a 200 day simple moving average of $6.72. Redfin has a 52 week low of $4.26 and a 52 week high of $11.16. 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 posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The business had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. Redfin’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.25) earnings per share. Sell-side analysts anticipate that Redfin will post -1.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Arizona State Retirement System raised its stake in Redfin by 5.4% during the second quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after acquiring an additional 1,710 shares in the last quarter. ProShare Advisors LLC raised its stake in Redfin by 9.8% during the first quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock worth $132,000 after acquiring an additional 1,766 shares in the last quarter. Principal Financial Group Inc. raised its stake in Redfin by 17.7% during the first quarter. Principal Financial Group Inc. now owns 14,872 shares of the company’s stock worth $99,000 after acquiring an additional 2,241 shares in the last quarter. Mather Group LLC. raised its stake in Redfin by 282.1% during the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after acquiring an additional 2,821 shares in the last quarter. Finally, Swiss National Bank raised its stake in Redfin by 1.3% during the first quarter. Swiss National Bank now owns 227,500 shares of the company’s stock worth $1,513,000 after acquiring an additional 2,900 shares in the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stephens upgraded shares of Redfin from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $8.00 to $9.00 in a report on Wednesday, May 8th. JPMorgan Chase & Co. decreased their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Susquehanna reduced their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research report on Wednesday, August 7th. Finally, Citigroup reduced their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.18.

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.