Arizona State Retirement System Has $201,000 Position in Redfin Co. (NASDAQ:RDFN)

Arizona State Retirement System lifted its holdings in shares of Redfin Co. (NASDAQ:RDFN) by 5.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 33,381 shares of the company’s stock after buying an additional 1,710 shares during the period. Arizona State Retirement System’s holdings in Redfin were worth $201,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Redfin by 11.3% in the first quarter. Vanguard Group Inc. now owns 19,191,434 shares of the company’s stock valued at $127,623,000 after purchasing an additional 1,953,127 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Redfin by 25.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,173,004 shares of the company’s stock worth $14,450,000 after buying an additional 445,486 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Redfin by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 885,705 shares of the company’s stock worth $9,140,000 after acquiring an additional 29,618 shares in the last quarter. Trexquant Investment LP lifted its stake in Redfin by 208.8% in the fourth quarter. Trexquant Investment LP now owns 617,880 shares of the company’s stock valued at $6,377,000 after acquiring an additional 417,811 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Redfin by 15.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock valued at $2,681,000 after purchasing an additional 59,689 shares during the period. Institutional investors own 61.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. DA Davidson reissued a “neutral” rating and issued a $7.25 target price on shares of Redfin in a report on Wednesday, July 3rd. B. Riley upgraded Redfin from a “neutral” rating to a “buy” rating and lifted their price target for the company from $7.50 to $13.00 in a research note on Tuesday, September 3rd. Finally, Wedbush restated a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $7.68.

Redfin Stock Performance

NASDAQ:RDFN opened at $13.90 on Thursday. The stock’s 50-day moving average is $8.90 and its 200-day moving average is $7.19. Redfin Co. has a 1-year low of $4.26 and a 1-year high of $15.29. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 295.91. The stock has a market cap of $1.66 billion, a P/E ratio of -11.68 and a beta of 2.66.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. Redfin had a negative net margin of 13.55% and a negative return on equity of 1,780.89%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.25) EPS. Equities research analysts anticipate that Redfin Co. will post -1.13 earnings per share for the current year.

Insider Activity

In other news, insider Christian John Taubman sold 3,632 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total value of $33,596.00. Following the transaction, the insider now owns 71,720 shares in the company, valued at $663,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Redfin 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.