Redfin Sees Unusually High Options Volume (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the target of some unusual options trading on Friday. Stock traders purchased 51,185 call options on the stock. This is an increase of 168% compared to the average volume of 19,098 call options.

Wall Street Analysts Forecast Growth

RDFN has been the topic of a number of recent analyst reports. Wedbush raised their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Friday. Susquehanna dropped their target price on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target on Redfin from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Jefferies Financial Group lifted their price objective on Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.83.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 3,632 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $9.25, for a total transaction of $33,596.00. Following the sale, the insider now directly owns 71,720 shares of the company’s stock, valued at $663,410. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Redfin

Institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning boosted its holdings in shares of Redfin by 8.1% during the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock valued at $198,000 after purchasing an additional 1,181 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Redfin by 5.4% during the 2nd quarter. Arizona State Retirement System now owns 33,381 shares of the company’s stock worth $201,000 after acquiring an additional 1,710 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Redfin by 9.8% during the 1st quarter. ProShare Advisors LLC now owns 19,876 shares of the company’s stock valued at $132,000 after acquiring an additional 1,766 shares during the last quarter. Hollencrest Capital Management bought a new position in shares of Redfin during the 3rd quarter valued at approximately $25,000. Finally, Financial Advocates Investment Management grew its holdings in shares of Redfin by 21.6% in the third quarter. Financial Advocates Investment Management now owns 11,815 shares of the company’s stock valued at $148,000 after purchasing an additional 2,100 shares in the last quarter. 61.07% of the stock is owned by institutional investors.

Redfin Price Performance

Shares of NASDAQ:RDFN traded down $1.94 during mid-day trading on Friday, reaching $9.52. 8,168,985 shares of the company traded hands, compared to its average volume of 5,524,929. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29. The firm has a market cap of $1.16 billion, a PE ratio of -8.29 and a beta of 2.70. The company’s 50 day moving average price is $11.16 and its 200-day moving average price is $8.46.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $291.59 million. During the same period last year, the company earned ($0.25) earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, research analysts predict that Redfin will post -1.13 earnings per share for the current fiscal year.

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.