Short Interest in Redfin (RDFN) Grows By 32.9%

Redfin (NASDAQ:RDFN) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 7,201,526 shares, a growth of 32.9% from the February 15th total of 5,419,036 shares. Based on an average trading volume of 2,028,210 shares, the days-to-cover ratio is presently 3.6 days.

Several equities research analysts recently issued reports on RDFN shares. BidaskClub raised shares of Redfin from a “sell” rating to a “hold” rating in a research note on Wednesday, March 7th. Zacks Investment Research lowered Redfin from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. William Blair reaffirmed an “outperform” rating on shares of Redfin in a research report on Thursday, February 1st. Jefferies Group initiated coverage on Redfin in a research note on Tuesday, February 6th. They set a “buy” rating and a $28.00 price target for the company. Finally, Royal Bank of Canada raised Redfin from a “sector perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a research note on Friday, February 2nd. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.73.

In related news, CFO Christopher John Nielsen sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.51, for a total transaction of $512,750.00. Following the transaction, the chief financial officer now owns 25,000 shares of the company’s stock, valued at $512,750. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Adam Wiener sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 28th. The stock was sold at an average price of $22.27, for a total transaction of $222,700.00. Following the completion of the sale, the insider now directly owns 279,649 shares of the company’s stock, valued at $6,227,783.23. The disclosure for this sale can be found here. Insiders sold 65,000 shares of company stock worth $1,388,550 over the last ninety days.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Inc. acquired a new stake in Redfin during the third quarter worth about $129,000. SG Americas Securities LLC acquired a new position in Redfin in the 3rd quarter valued at approximately $139,000. MetLife Investment Advisors LLC bought a new stake in shares of Redfin in the 4th quarter worth approximately $155,000. Wells Fargo & Company MN bought a new stake in shares of Redfin in the 3rd quarter worth approximately $158,000. Finally, FNY Partners Fund LP acquired a new stake in shares of Redfin during the 3rd quarter worth approximately $175,000. 52.44% of the stock is currently owned by institutional investors.

Redfin stock traded down $0.07 on Monday, reaching $22.76. 857,061 shares of the stock were exchanged, compared to its average volume of 1,469,831. The firm has a market cap of $1,866.99 and a price-to-earnings ratio of -113.80. Redfin has a twelve month low of $19.18 and a twelve month high of $33.49.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $95.80 million during the quarter, compared to the consensus estimate of $91.59 million. The company’s revenue was up 43.4% compared to the same quarter last year. analysts forecast that Redfin will post -0.2 earnings per share for the current year.

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Redfin Company Profile

Redfin Corporation is engaged in providing residential real estate brokerage services. The customer can search for homes by neighborhood, city or MLS number, or can refine results using detailed parameters, such as price and number of beds or baths. The Company serves home buyers and sellers. The Company offers online tools to consumers, including Redfin Estimate, which is an automated home-valuation tool.

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