Investors Purchase Large Volume of Redfin Call Options (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) was the recipient of unusually large options trading on Wednesday. Stock investors acquired 21,825 call options on the company. This is an increase of approximately 50% compared to the typical daily volume of 14,522 call options.

Redfin Trading Up 8.7 %

Shares of NASDAQ RDFN opened at $8.64 on Thursday. Redfin has a 12-month low of $5.10 and a 12-month high of $15.29. The firm’s 50-day simple moving average is $8.25 and its 200 day simple moving average is $9.40.

Insider Buying and Selling

In related news, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was 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 of the company’s stock, valued at approximately $252,714.54. The trade was a 21.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the sale, the insider now owns 73,466 shares of the company’s stock, valued at $620,053.04. This trade represents a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Redfin

A number of large investors have recently modified their holdings of RDFN. Creative Planning raised its position in Redfin by 8.1% in the 3rd quarter. Creative Planning now owns 15,826 shares of the company’s stock worth $198,000 after purchasing an additional 1,181 shares during the last quarter. Merit Financial Group LLC increased its stake in shares of Redfin by 10.7% in the 4th quarter. Merit Financial Group LLC now owns 15,848 shares of the company’s stock valued at $125,000 after buying an additional 1,529 shares during the period. US Bancorp DE raised its position in shares of Redfin by 48.3% during the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after acquiring an additional 1,799 shares during the last quarter. Hollencrest Capital Management bought a new position in Redfin in the third quarter valued at about $25,000. Finally, Financial Advocates Investment Management boosted its holdings in 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 acquiring an additional 2,100 shares during the last quarter. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RDFN shares. The Goldman Sachs Group lowered Redfin from a “neutral” rating to a “sell” rating and upped their target price for the company from $6.00 to $6.50 in a research note on Monday, November 18th. Jefferies Financial Group increased their price objective on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Susquehanna lifted their target price 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. Wedbush increased their price target on shares of Redfin from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, DA Davidson restated a “neutral” rating and set a $7.25 price target on shares of Redfin in a research note on Tuesday, November 19th. Two investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $9.16.

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.