Redfin Co. (NASDAQ:RDFN) Short Interest Down 16.7% in March

Redfin Co. (NASDAQ:RDFN - Get Free Report) was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 15,530,000 shares, a drop of 16.7% from the March 15th total of 18,650,000 shares. Approximately 13.1% of the company's stock are sold short. Based on an average daily volume of 8,300,000 shares, the short-interest ratio is presently 1.9 days.

Redfin Stock Up 2.2 %

RDFN stock traded up $0.19 during mid-day trading on Thursday, hitting $8.80. The company had a trading volume of 641,462 shares, compared to its average volume of 6,201,281. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29. The company has a 50-day moving average price of $9.03 and a 200 day moving average price of $9.01. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -6.87 and a beta of 2.56.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RDFN. Citigroup lowered their price target on Redfin from $10.50 to $9.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. Susquehanna reduced their price target on shares of Redfin from $10.00 to $7.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Gordon Haskett raised shares of Redfin to a "hold" rating in a report on Monday, March 10th. Piper Sandler upgraded Redfin from an "underweight" rating to a "neutral" rating and upped their price objective for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. boosted their price target on Redfin from $7.00 to $12.50 and gave the company a "neutral" rating in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Redfin currently has a consensus rating of "Hold" and a consensus target price of $10.25.

Insiders Place Their Bets

In other news, insider Christian John Taubman sold 16,209 shares of the business's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the transaction, the insider now directly owns 74,616 shares of the company's stock, valued at $831,968.40. The trade was a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Redfin

Several institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Redfin in the fourth quarter valued at $27,000. R Squared Ltd bought a new stake in shares of Redfin in the 4th quarter worth about $33,000. US Bancorp DE raised its position 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. Blue Trust Inc. lifted its holdings in shares of Redfin by 76.3% in the 4th quarter. Blue Trust Inc. now owns 5,822 shares of the company's stock valued at $46,000 after acquiring an additional 2,520 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in Redfin in the first quarter worth about $46,000. Hedge funds and other institutional investors own 61.07% of the company's stock.

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.