Redfin Target of Unusually High Options Trading (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Investors acquired 20,244 call options on the stock. This represents an increase of approximately 24% compared to the average volume of 16,336 call options.

Wall Street Analysts Forecast Growth

RDFN has been the subject of a number of recent research reports. Piper Sandler upgraded shares of Redfin from an "underweight" rating to a "neutral" rating and boosted their price target for the company from $4.00 to $12.50 in a research note on Tuesday. Citigroup lowered their target price on shares of Redfin from $10.50 to $9.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. Needham & Company LLC reiterated a "hold" rating on shares of Redfin in a research note on Tuesday. Zelman & Associates raised Redfin to a "strong-buy" rating in a report on Wednesday, March 5th. Finally, Gordon Haskett upgraded Redfin to a "hold" rating in a report on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Redfin presently has a consensus rating of "Hold" and an average target price of $9.48.

Insider Activity

In other news, insider Christian John Taubman sold 16,333 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares in the company, valued at $620,053.04. The trade was a 18.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.40% of the company's stock.

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Hedge Funds Weigh In On Redfin

Several institutional investors have recently bought and sold shares of the company. Creative Planning increased its holdings in Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company's stock worth $198,000 after acquiring an additional 1,181 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Redfin by 3.3% in the fourth quarter. Cerity Partners LLC now owns 37,285 shares of the company's stock worth $293,000 after purchasing an additional 1,189 shares in the last quarter. Merit Financial Group LLC raised its position in shares of Redfin by 10.7% in the fourth quarter. Merit Financial Group LLC now owns 15,848 shares of the company's stock valued at $125,000 after purchasing an additional 1,529 shares during the period. US Bancorp DE lifted its stake in shares of Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company's stock valued at $43,000 after buying an additional 1,799 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company's stock worth $46,000 after buying an additional 2,520 shares during the period. Hedge funds and other institutional investors own 61.07% of the company's stock.

Redfin Trading Up 2.6 %

Shares of NASDAQ:RDFN traded up $0.28 during midday trading on Friday, reaching $10.78. The company had a trading volume of 3,837,475 shares, compared to its average volume of 6,049,989. The stock has a market cap of $1.36 billion, a P/E ratio of -8.43 and a beta of 2.90. Redfin has a 52-week low of $5.10 and a 52-week high of $15.29. The company's 50 day moving average price is $8.02 and its 200 day moving average price is $9.42.

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.