Tidal Investments LLC Acquires New Holdings in Redfin Co. (NASDAQ:RDFN)

Tidal Investments LLC acquired a new stake in shares of Redfin Co. (NASDAQ:RDFN) during the third quarter, HoldingsChannel reports. The fund acquired 850,000 shares of the company’s stock, valued at approximately $10,650,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDFN. Cetera Advisors LLC bought a new position in Redfin during the first quarter valued at approximately $89,000. Sequoia Financial Advisors LLC raised its position in Redfin by 22.8% in the second quarter. Sequoia Financial Advisors LLC now owns 31,974 shares of the company’s stock worth $192,000 after acquiring an additional 5,933 shares during the period. Assenagon Asset Management S.A. raised its position in Redfin by 695.2% in the second quarter. Assenagon Asset Management S.A. now owns 351,612 shares of the company’s stock worth $2,113,000 after acquiring an additional 307,396 shares during the period. CAP Partners LLC raised its position in Redfin by 14.6% in the second quarter. CAP Partners LLC now owns 36,257 shares of the company’s stock worth $218,000 after acquiring an additional 4,624 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Redfin by 15.4% in the second quarter. Bank of New York Mellon Corp now owns 446,172 shares of the company’s stock worth $2,681,000 after acquiring an additional 59,689 shares during the period. Institutional investors own 61.07% of the company’s stock.

Insider Activity at Redfin

In other Redfin news, insider Anthony Ray Kappus sold 8,417 shares of Redfin stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $8.43, for a total value of $70,955.31. Following the completion of the transaction, the insider now directly owns 29,978 shares of the company’s stock, valued at $252,714.54. This trade represents a 21.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDFN has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on shares of Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. B. Riley increased their price target on shares of Redfin from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Jefferies Financial Group increased their price objective on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Susquehanna increased their price objective on shares of Redfin from $7.00 to $10.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Finally, DA Davidson reissued a “neutral” rating and issued a $7.25 price objective on shares of Redfin in a research note on Tuesday, November 19th. Two investment analysts have 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 stock currently has a consensus rating of “Hold” and an average price target of $8.98.

Redfin Stock Performance

RDFN opened at $9.23 on Friday. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -7.21 and a beta of 2.63. The company has a fifty day moving average of $9.88 and a 200 day moving average of $8.95. Redfin Co. has a fifty-two week low of $5.10 and a fifty-two week high of $15.29.

Redfin (NASDAQ:RDFN) last posted its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The company had revenue of $278.02 million for the quarter, compared to the consensus estimate of $280.21 million. During the same period last year, the firm earned ($0.17) earnings per share. On average, equities research analysts forecast that Redfin Co. will post -1.25 earnings per share for the current year.

About Redfin

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.