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

Redfin Co. (NASDAQ:RDFN) was the recipient of some unusual options trading on Friday. Stock investors bought 22,648 call options on the company. This represents an increase of approximately 67% compared to the typical daily volume of 13,574 call options.

Redfin Stock Up 25.7 %

Shares of NASDAQ RDFN opened at $14.45 on Friday. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -12.14 and a beta of 2.66. The company’s 50-day simple moving average is $8.60 and its 200-day simple moving average is $7.09. 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 has a 52-week low of $4.26 and a 52-week high of $14.47.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.03. Redfin had a negative return on equity of 1,780.89% and a negative net margin of 13.55%. The company had revenue of $295.20 million during the quarter, compared to analyst estimates of $291.59 million. During the same period in the previous year, the business earned ($0.25) EPS. Redfin’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts predict that Redfin will post -1.13 EPS for the current fiscal year.

Insider Activity at Redfin

In related 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 transaction of $33,596.00. Following the completion of the transaction, the insider now owns 71,720 shares of the company’s stock, valued at $663,410. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Redfin

A number of hedge funds have recently modified their holdings of RDFN. Point72 Asset Management L.P. purchased a new position in Redfin in the 2nd quarter worth approximately $159,000. Algert Global LLC acquired a new position in Redfin during the second quarter worth $72,000. Susquehanna Fundamental Investments LLC grew its holdings in Redfin by 98.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock valued at $536,000 after buying an additional 44,377 shares in the last quarter. Scientech Research LLC increased its stake in shares of Redfin by 162.7% in the 2nd quarter. Scientech Research LLC now owns 84,562 shares of the company’s stock worth $508,000 after acquiring an additional 52,367 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Redfin by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,971 shares of the company’s stock worth $270,000 after acquiring an additional 3,371 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on RDFN shares. B. Riley upgraded Redfin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $7.50 to $13.00 in a research note on Tuesday, September 3rd. Susquehanna dropped their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research note on Wednesday, July 3rd. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Redfin in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $7.68.

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.