Alliancebernstein L.P. purchased a new position in Redfin (NASDAQ:RDFN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 12,200 shares of the company’s stock, valued at approximately $382,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Redfin by 25.0% in the fourth quarter. Geode Capital Management LLC now owns 127,850 shares of the company’s stock worth $4,004,000 after acquiring an additional 25,596 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in Redfin during the fourth quarter worth $18,878,000. Jackson Square Partners LLC acquired a new position in Redfin during the fourth quarter worth $51,927,000. Dumac Inc. acquired a new position in Redfin during the fourth quarter worth $14,203,000. Finally, ARK Investment Management LLC increased its position in Redfin by 114.2% during the fourth quarter. ARK Investment Management LLC now owns 570,449 shares of the company’s stock worth $17,866,000 after buying an additional 304,159 shares during the last quarter. 52.44% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:RDFN opened at $23.30 on Wednesday. The stock has a market capitalization of $1,865.36 and a PE ratio of -116.50. Redfin has a 52-week low of $19.18 and a 52-week high of $33.49.
Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.03. The business had revenue of $95.80 million during the quarter, compared to analyst estimates of $91.59 million. The firm’s quarterly revenue was up 43.4% compared to the same quarter last year. sell-side analysts predict that Redfin will post -0.2 EPS for the current year.
In other news, insider Adam Wiener sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.82, for a total value of $208,200.00. Following the sale, the insider now directly owns 299,649 shares of the company’s stock, valued at $6,238,692.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Bridget Frey sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.66, for a total value of $103,300.00. Following the completion of the sale, the chief technology officer now directly owns 42,083 shares in the company, valued at $869,434.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,000 shares of company stock worth $1,388,550.
Several equities analysts have commented on the stock. BidaskClub downgraded shares of Redfin from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. DA Davidson assumed coverage on shares of Redfin in a research report on Wednesday, April 4th. They set a “buy” rating and a $28.00 target price on the stock. Royal Bank of Canada raised shares of Redfin from a “sector perform” rating to an “outperform” rating and set a $28.00 target price on the stock in a research report on Friday, February 2nd. They noted that the move was a valuation call. Piper Jaffray increased their target price on shares of Redfin from $24.00 to $29.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Finally, Jefferies Group assumed coverage on shares of Redfin in a research report on Tuesday, February 6th. They set a “buy” rating and a $28.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $25.92.
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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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