Principal Financial Group Inc. Lowers Position in Redfin Co. (NASDAQ:RDFN)

Principal Financial Group Inc. decreased its stake in Redfin Co. (NASDAQ:RDFN) by 30.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,987 shares of the company’s stock after selling 4,855 shares during the quarter. Principal Financial Group Inc.’s holdings in Redfin were worth $138,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in RDFN. Mather Group LLC. raised its stake in 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 acquiring an additional 2,821 shares during the period. Blue Trust Inc. increased its stake in shares of Redfin by 285.7% in the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after purchasing an additional 2,446 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Redfin during the 3rd quarter valued at $48,000. Algert Global LLC purchased a new position in shares of Redfin during the 2nd quarter valued at $72,000. Finally, Cetera Advisors LLC bought a new position in Redfin in the 1st quarter worth $89,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Anthony Ray Kappus sold 8,417 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now directly owns 29,978 shares in the company, valued at approximately $252,714.54. This represents a 21.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Jefferies Financial Group boosted their price objective on Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Needham & Company LLC restated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. DA Davidson reaffirmed a “neutral” rating and set a $7.25 target price on shares of Redfin in a research note on Tuesday, November 19th. Finally, Susquehanna lifted their price target on shares of Redfin from $7.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.98.

Redfin Stock Up 5.1 %

Redfin stock opened at $9.63 on Tuesday. Redfin Co. has a twelve month low of $5.10 and a twelve month high of $15.29. The company’s 50-day moving average price is $10.70 and its 200-day moving average price is $8.75. The company has a market cap of $1.19 billion, a PE ratio of -7.52 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts expect that Redfin Co. will post -1.23 earnings per share for the current fiscal year.

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.