Zacks Investment Management Purchases New Stake in Redfin Co. (NASDAQ:RDFN)

Zacks Investment Management acquired a new position in Redfin Co. (NASDAQ:RDFN - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 168,258 shares of the company's stock, valued at approximately $2,108,000. Zacks Investment Management owned about 0.14% of Redfin as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Hollencrest Capital Management acquired a new position in shares of Redfin during the third quarter valued at about $25,000. Blue Trust Inc. increased its stake in Redfin by 285.7% during the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company's stock valued at $41,000 after purchasing an additional 2,446 shares in the last quarter. Quest Partners LLC acquired a new position in Redfin during the 3rd quarter valued at approximately $47,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Redfin during the third quarter worth $48,000. Finally, CWM LLC grew its holdings in shares of Redfin by 45.6% during the third quarter. CWM LLC now owns 8,725 shares of the company's stock valued at $109,000 after buying an additional 2,734 shares during the last quarter. Institutional investors own 61.07% of the company's stock.

Redfin Stock Down 3.2 %

Shares of NASDAQ:RDFN traded down $0.31 during trading on Tuesday, reaching $9.44. 3,686,848 shares of the company's stock traded hands, compared to its average volume of 5,540,532. Redfin Co. has a fifty-two week low of $5.10 and a fifty-two week high of $15.29. The company has a 50-day simple moving average of $10.03 and a 200-day simple moving average of $8.92. The firm has a market cap of $1.17 billion, a PE ratio of -7.62 and a beta of 2.63.

Redfin (NASDAQ:RDFN - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) EPS 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 posted ($0.17) earnings per share. On average, equities research analysts forecast that Redfin Co. will post -1.25 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RDFN. Jefferies Financial Group raised their target price on Redfin from $7.50 to $11.50 and gave the stock a "hold" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their target price on Redfin from $7.00 to $8.00 and gave the stock a "neutral" rating in a report on Tuesday, November 12th. Wedbush increased their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. The Goldman Sachs Group cut shares of Redfin from a "neutral" rating to a "sell" rating and lifted their price objective for the company from $6.00 to $6.50 in a research note on Monday, November 18th. Finally, DA Davidson reiterated a "neutral" rating and issued a $7.25 price objective on shares of Redfin in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Redfin currently has a consensus rating of "Hold" and an average target price of $8.98.

Insider Buying and Selling

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

Redfin 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.