Neuberger Berman Group LLC Makes New $88,000 Investment in Redfin Co. (NASDAQ:RDFN)

Neuberger Berman Group LLC bought a new stake in shares of Redfin Co. (NASDAQ:RDFN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,145 shares of the company’s stock, valued at approximately $88,000.

Several other hedge funds have also made changes to their positions in the company. Tidal Investments LLC bought a new stake in shares of Redfin in the third quarter valued at about $10,650,000. Ballentine Partners LLC purchased a new position in Redfin during the 4th quarter valued at about $81,000. Geode Capital Management LLC increased its position in Redfin by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,022,948 shares of the company’s stock valued at $37,884,000 after purchasing an additional 66,018 shares during the period. Blueshift Asset Management LLC bought a new stake in shares of Redfin in the 4th quarter valued at about $197,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Redfin by 57.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 270,340 shares of the company’s stock worth $2,128,000 after purchasing an additional 99,078 shares during the period. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

Redfin Stock Performance

Shares of RDFN stock opened at $8.21 on Friday. Redfin Co. has a fifty-two week low of $5.10 and a fifty-two week high of $15.29. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.41 and a beta of 2.56. The stock’s 50-day simple moving average is $9.00 and its 200-day simple moving average is $9.19.

Analysts Set New Price Targets

Several brokerages recently issued reports on RDFN. B. Riley lowered shares of Redfin from a “strong-buy” rating to a “hold” rating in a report on Monday, March 10th. Susquehanna cut their price target on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. Zelman & Associates raised Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Piper Sandler raised Redfin from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $4.00 to $12.50 in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Redfin from $7.00 to $12.50 and gave the stock a “neutral” rating in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.03.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,209 shares of the company’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $11.15, for a total value of $180,730.35. Following the transaction, the insider now directly owns 74,616 shares of the company’s stock, valued at $831,968.40. This represents a 17.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is owned by company insiders.

Redfin 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.