Seven Eight Capital LP Takes Position in Redfin Co. (NASDAQ:RDFN)

Seven Eight Capital LP purchased a new stake in Redfin Co. (NASDAQ:RDFN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 26,949 shares of the company’s stock, valued at approximately $162,000.

Several other hedge funds have also made changes to their positions in RDFN. Mather Group LLC. boosted its position in shares of Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after purchasing an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Redfin by 205.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,608 shares of the company’s stock worth $31,000 after purchasing an additional 3,101 shares during the period. EntryPoint Capital LLC purchased a new position in shares of Redfin during the 1st quarter worth approximately $58,000. New York State Teachers Retirement System purchased a new position in shares of Redfin during the 1st quarter worth approximately $66,000. Finally, First Trust Direct Indexing L.P. purchased a new position in shares of Redfin during the 1st quarter worth approximately $72,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Insider Activity

In other news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total value of $33,596.00. Following the sale, the insider now directly owns 71,720 shares in the company, valued at approximately $663,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.40% of the company’s stock.

Redfin Price Performance

Shares of RDFN opened at $12.58 on Tuesday. Redfin Co. has a twelve month low of $4.26 and a twelve month high of $15.29. The firm’s fifty day simple moving average is $9.37 and its 200-day simple moving average is $7.38. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -10.57 and a beta of 2.66. The company has a current ratio of 1.48, a quick 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 for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The business had revenue of $295.20 million for the quarter, compared to analyst estimates of $291.59 million. During the same period last year, the business earned ($0.25) EPS. The company’s revenue was up 7.2% on a year-over-year basis. Equities analysts forecast that Redfin Co. will post -1.13 EPS for the current fiscal year.

Analysts Set New Price Targets

RDFN has been the subject of a number of research analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $7.25 price objective on shares of Redfin in a research report on Wednesday, July 3rd. B. Riley raised shares of Redfin from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $7.50 to $13.00 in a research report on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a research report on Wednesday, August 7th. Susquehanna decreased their price target 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. Finally, JPMorgan Chase & Co. decreased their price target 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.68.

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.