Stock Traders Buy High Volume of Call Options on Redfin (NASDAQ:RDFN)

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

Redfin Trading Down 16.9 %

NASDAQ RDFN traded down $1.94 during trading on Friday, hitting $9.52. The company had a trading volume of 8,168,985 shares, compared to its average volume of 5,524,929. The company’s fifty day moving average is $11.16 and its 200-day moving average is $8.46. Redfin has a one year low of $5.10 and a one year high of $15.29. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -8.29 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last released its quarterly earnings results 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 company had revenue of $295.20 million during the quarter, compared to the consensus estimate of $291.59 million. Redfin’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.25) earnings per share. As a group, equities analysts anticipate that Redfin will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 3,632 shares of Redfin stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $9.25, for a total transaction of $33,596.00. Following the transaction, the insider now directly owns 71,720 shares of the company’s stock, valued at approximately $663,410. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Redfin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in Redfin during the 3rd quarter valued at about $25,000. Blue Trust Inc. raised its position in shares of Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock worth $41,000 after purchasing an additional 2,446 shares during the last quarter. Quest Partners LLC bought a new position in Redfin in the 3rd quarter worth about $47,000. Mather Group LLC. grew its position in Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock valued at $25,000 after purchasing an additional 2,821 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Redfin during the 3rd quarter valued at about $48,000. 61.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. 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. Wedbush boosted their price objective on Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday. Needham & Company LLC reissued a “hold” rating on shares of Redfin in a research note on Wednesday, August 7th. B. Riley lifted their target price on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Redfin from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.83.

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.