Point72 DIFC Ltd Reduces Position in Redfin Co. (NASDAQ:RDFN)

Point72 DIFC Ltd reduced its position in Redfin Co. (NASDAQ:RDFN) by 76.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,477 shares of the company’s stock after selling 37,999 shares during the quarter. Point72 DIFC Ltd’s holdings in Redfin were worth $69,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDFN. Mather Group LLC. raised its holdings in shares of Redfin by 282.1% in the second quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after buying an additional 2,821 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Redfin by 205.8% during the first 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 last quarter. EntryPoint Capital LLC bought a new stake in shares of Redfin during the first quarter worth $58,000. New York State Teachers Retirement System purchased a new position in Redfin in the 1st quarter worth about $66,000. Finally, First Trust Direct Indexing L.P. bought a new stake in Redfin during the 1st quarter valued at about $72,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

Redfin Stock Performance

Shares of Redfin stock opened at $11.71 on Thursday. Redfin Co. has a one year low of $4.26 and a one year high of $15.29. The company has a market capitalization of $1.43 billion, a PE ratio of -9.84 and a beta of 2.66. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.48 and a current ratio of 1.48. The company has a 50-day simple moving average of $9.92 and a two-hundred day simple moving average of $7.63.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, August 6th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. During the same period last year, the firm earned ($0.25) earnings per share. Redfin’s revenue was up 7.2% compared to the same quarter last year. Research analysts expect that Redfin Co. will post -1.13 EPS for the current fiscal year.

Insider Transactions at Redfin

In other Redfin news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total value of $33,596.00. Following the completion of the sale, the insider now directly owns 71,720 shares in the company, valued at $663,410. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RDFN shares. Susquehanna dropped their target price 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 restated a “neutral” rating and set a $7.25 price objective on shares of Redfin in a report on Wednesday, July 3rd. JPMorgan Chase & Co. lowered their target price on Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. B. Riley increased their price target on Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Needham & Company LLC restated a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.88.

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.