Federated Hermes Inc. Acquires 35,735 Shares of Redfin Co. (NASDAQ:RDFN)

Federated Hermes Inc. boosted its holdings in shares of Redfin Co. (NASDAQ:RDFN) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,497,912 shares of the company’s stock after acquiring an additional 35,735 shares during the quarter. Federated Hermes Inc. owned 1.30% of Redfin worth $15,458,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of RDFN. Jennison Associates LLC boosted its stake in shares of Redfin by 4.4% during the third quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock valued at $430,000 after purchasing an additional 2,580 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Redfin by 41.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,442 shares of the company’s stock valued at $74,000 after buying an additional 3,041 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Redfin in the 3rd quarter worth about $27,000. Swiss National Bank grew its stake in Redfin by 2.0% in the 3rd quarter. Swiss National Bank now owns 243,600 shares of the company’s stock worth $1,715,000 after acquiring an additional 4,700 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Redfin by 36.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,326 shares of the company’s stock worth $136,000 after acquiring an additional 5,157 shares during the period. Institutional investors own 61.07% of the company’s stock.

Redfin Stock Performance

Shares of Redfin stock opened at $5.24 on Tuesday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 295.91. The firm’s 50 day moving average price is $6.44 and its 200-day moving average price is $7.17. Redfin Co. has a 52-week low of $4.26 and a 52-week high of $17.68.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The business had revenue of $218.08 million for the quarter, compared to analyst estimates of $220.32 million. During the same period in the previous year, the company earned ($0.83) earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Redfin Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on RDFN shares. Citigroup lowered their price target on Redfin from $10.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, February 29th. DA Davidson reissued a “neutral” rating and set a $6.75 price target on shares of Redfin in a research report on Friday, March 22nd. Gordon Haskett lowered Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price target on the stock. in a research note on Thursday, February 29th. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price objective on shares of Redfin in a research note on Wednesday, February 28th. Finally, Royal Bank of Canada dropped their target price on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.92.

Insider Activity at Redfin

In other news, insider Anna Stevens sold 10,851 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the sale, the insider now owns 15,477 shares in the company, valued at $104,934.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Redfin news, insider Anna Stevens sold 10,851 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $6.78, for a total value of $73,569.78. Following the completion of the transaction, the insider now owns 15,477 shares of the company’s stock, valued at $104,934.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christian John Taubman sold 7,916 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the sale, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by corporate insiders.

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.