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

Principal Financial Group Inc. lowered its stake in shares of Redfin Co. (NASDAQ:RDFN) by 30.6% during the 3rd 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.

Several other hedge funds and other institutional investors have also recently modified their holdings of RDFN. Charles Schwab Investment Management Inc. grew its position in Redfin by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 998,284 shares of the company’s stock worth $12,508,000 after purchasing an additional 92,023 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its stake in shares of Redfin by 98.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 89,244 shares of the company’s stock worth $536,000 after buying an additional 44,377 shares during the period. Tidal Investments LLC purchased a new stake in shares of Redfin during the third quarter valued at $10,650,000. SG Americas Securities LLC acquired a new position in shares of Redfin in the 3rd quarter valued at $616,000. Finally, Geode Capital Management LLC raised its stake in Redfin by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock worth $37,884,000 after acquiring an additional 66,018 shares during the last quarter. 61.07% of the stock is owned by hedge funds and other institutional investors.

Redfin Stock Performance

RDFN stock opened at $7.62 on Wednesday. Redfin Co. has a one year low of $5.10 and a one year high of $15.29. The firm’s fifty day moving average is $9.07 and its 200 day moving average is $9.23. The firm has a market cap of $944.73 million, a PE ratio of -5.95 and a beta of 2.64.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.08). The firm had revenue of $278.02 million during the quarter, compared to analysts’ expectations of $280.21 million. During the same quarter in the previous year, the business earned ($0.17) EPS. Research analysts predict that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on RDFN shares. B. Riley boosted their price target on Redfin from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Wedbush upped their target price on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group raised their price target on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group downgraded shares of Redfin from a “neutral” rating to a “sell” rating and upped their price objective for the company from $6.00 to $6.50 in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. raised 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.16.

Insider Activity

In other news, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $8.44, for a total value of $137,850.52. Following the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. This trade represents a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Anthony Ray Kappus sold 8,417 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the transaction, the insider now owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

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.