Redfin (NASDAQ:RDFN) Stock Price Down 6.1% on Insider Selling

Redfin Co. (NASDAQ:RDFN)’s share price fell 6.1% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $58.72 and last traded at $58.72. 5,957 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 1,708,714 shares. The stock had previously closed at $62.53.

Specifically, Director Selina Tobaccowala sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 9th. The shares were sold at an average price of $63.25, for a total transaction of $126,500.00. Following the sale, the director now directly owns 95,154 shares of the company’s stock, valued at $6,018,490.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Glenn Kelman sold 30,000 shares of the company’s stock in a transaction dated Wednesday, March 31st. The shares were sold at an average price of $66.39, for a total transaction of $1,991,700.00. Following the sale, the chief executive officer now directly owns 1,569,293 shares in the company, valued at $104,185,362.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 229,246 shares of company stock valued at $13,232,443. 6.10% of the stock is owned by company insiders.

RDFN has been the topic of several recent research reports. Piper Sandler dropped their price objective on shares of Redfin from $99.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, May 6th. DA Davidson upped their price objective on shares of Redfin from $70.00 to $92.00 and gave the company a “neutral” rating in a report on Thursday, February 25th. Evercore ISI started coverage on shares of Redfin in a report on Monday, April 5th. They set an “in-line” rating and a $75.00 price objective on the stock. They noted that the move was a valuation call. Stephens raised shares of Redfin from an “equal weight” rating to an “overweight” rating and set a $71.00 price target on the stock in a report on Thursday, June 3rd. Finally, Truist increased their price target on shares of Redfin from $84.00 to $102.00 in a report on Tuesday, February 23rd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. Redfin presently has an average rating of “Hold” and an average price target of $61.50.

The company has a debt-to-equity ratio of 3.31, a current ratio of 7.18 and a quick ratio of 6.77. The firm has a 50-day moving average of $61.12. The company has a market cap of $6.23 billion, a P/E ratio of -1,497.75 and a beta of 1.87.

Redfin (NASDAQ:RDFN) last posted its quarterly earnings data on Wednesday, May 5th. The company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.04). Redfin had a return on equity of 1.37% and a net margin of 0.60%. Analysts expect that Redfin Co. will post -0.52 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. increased its position in shares of Redfin by 14.9% in the first quarter. Baillie Gifford & Co. now owns 9,900,919 shares of the company’s stock worth $659,302,000 after purchasing an additional 1,284,440 shares during the last quarter. BlackRock Inc. grew its position in Redfin by 0.4% during the first quarter. BlackRock Inc. now owns 7,606,158 shares of the company’s stock valued at $506,494,000 after acquiring an additional 34,012 shares during the last quarter. Bares Capital Management Inc. bought a new position in Redfin during the first quarter valued at approximately $341,621,000. Allianz Asset Management GmbH grew its position in Redfin by 298.5% during the first quarter. Allianz Asset Management GmbH now owns 2,421,892 shares of the company’s stock valued at $161,274,000 after acquiring an additional 1,814,066 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Redfin by 8.3% during the first quarter. Geode Capital Management LLC now owns 1,948,918 shares of the company’s stock valued at $129,778,000 after acquiring an additional 150,146 shares during the last quarter. Institutional investors own 84.27% of the company’s stock.

Redfin Company Profile (NASDAQ:RDFN)

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; originates and sells mortgages; and buys and sells homes.

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