Tidal Investments LLC Makes New $10.65 Million Investment in Redfin Co. (NASDAQ:RDFN)

Tidal Investments LLC bought a new position in Redfin Co. (NASDAQ:RDFN - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 850,000 shares of the company's stock, valued at approximately $10,650,000. Tidal Investments LLC owned 0.69% of Redfin as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RDFN. Hollencrest Capital Management purchased a new position in Redfin during the 3rd quarter valued at about $25,000. Blue Trust Inc. boosted its holdings in shares of Redfin by 285.7% during 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 during the period. Quest Partners LLC purchased a new position in Redfin during the third quarter valued at approximately $47,000. DekaBank Deutsche Girozentrale acquired a new position in Redfin in the 3rd quarter valued at approximately $48,000. Finally, CWM LLC lifted its position in Redfin by 45.6% in the 3rd quarter. CWM LLC now owns 8,725 shares of the company's stock worth $109,000 after buying an additional 2,734 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company's stock.

Redfin Price Performance

NASDAQ:RDFN traded down $0.32 during midday trading on Friday, reaching $8.91. The stock had a trading volume of 3,578,224 shares, compared to its average volume of 5,515,474. The stock has a market capitalization of $1.10 billion, a P/E ratio of -7.21 and a beta of 2.63. Redfin Co. has a 1-year low of $5.10 and a 1-year high of $15.29. The firm's fifty day simple moving average is $9.88 and its 200-day simple moving average is $8.95.

Redfin (NASDAQ:RDFN - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The firm 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 company posted ($0.17) earnings per share. On average, equities research analysts anticipate that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RDFN shares. JPMorgan Chase & Co. upped their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 12th. Jefferies Financial Group upped their target price on 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 lowered Redfin from a "neutral" rating to a "sell" rating and lifted their price target for the company from $6.00 to $6.50 in a report on Monday, November 18th. DA Davidson restated a "neutral" rating and issued a $7.25 price objective on shares of Redfin in a report on Tuesday, November 19th. Finally, Susquehanna raised their price objective on shares of Redfin from $7.00 to $10.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $8.98.

Insiders Place Their Bets

In related news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares in the company, valued at approximately $252,714.54. This trade represents a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.