Redfin Co. (NASDAQ:RDFN) Short Interest Update

Redfin Co. (NASDAQ:RDFN) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 15,530,000 shares, a decrease of 16.7% from the March 15th total of 18,650,000 shares. Currently, 13.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 8,300,000 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Gordon Haskett raised Redfin to a “hold” rating in a report on Monday, March 10th. JPMorgan Chase & Co. boosted their price target on shares of Redfin from $7.00 to $12.50 and gave the company a “neutral” rating in a research report on Monday, March 24th. Citigroup cut their target price on shares of Redfin from $10.50 to $9.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Royal Bank of Canada raised their price target on Redfin from $8.00 to $12.50 and gave the company a “sector perform” rating in a report on Tuesday, April 15th. Finally, DA Davidson restated a “neutral” rating and set a $7.25 target price on shares of Redfin in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Redfin currently has an average rating of “Hold” and an average price target of $10.25.

Redfin Stock Performance

RDFN traded down $0.19 during trading on Monday, reaching $8.25. 505,048 shares of the company’s stock were exchanged, compared to its average volume of 6,205,424. The company’s fifty day moving average price is $9.04 and its 200-day moving average price is $9.04. The firm has a market capitalization of $1.05 billion, a PE ratio of -6.45 and a beta of 2.56. Redfin has a fifty-two week low of $5.10 and a fifty-two week high of $15.29.

Insider Activity

In other news, insider Christian John Taubman sold 16,209 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 74,616 shares of the company’s stock, valued at approximately $831,968.40. This represents a 17.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Redfin

A number of institutional investors have recently made changes to their positions in the stock. Hennessy Advisors Inc. acquired a new position in Redfin during the fourth quarter valued at approximately $40,109,000. Tidal Investments LLC acquired a new position in shares of Redfin in the 3rd quarter valued at $10,650,000. Two Sigma Advisers LP increased its position in shares of Redfin by 17.4% in the 4th quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock valued at $19,865,000 after buying an additional 374,200 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Redfin by 89.0% during the 4th quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company’s stock worth $4,855,000 after buying an additional 290,545 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Redfin by 839.2% during the first quarter. GAMMA Investing LLC now owns 164,877 shares of the company’s stock worth $1,519,000 after acquiring an additional 147,322 shares in the last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

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.