Traders Purchase Large Volume of Redfin Call Options (NASDAQ:RDFN)

Redfin Co. (NASDAQ:RDFN) saw unusually large options trading activity on Wednesday. Traders acquired 21,825 call options on the stock. This represents an increase of 50% compared to the average volume of 14,522 call options.

Insiders Place Their Bets

In related news, insider Anthony Ray Kappus sold 8,417 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now directly owns 29,978 shares of the company’s stock, valued at approximately $252,714.54. This represents a 21.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian John Taubman sold 16,333 shares of Redfin stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $8.44, for a total transaction of $137,850.52. Following the completion of the transaction, the insider now directly owns 73,466 shares in the company, valued at approximately $620,053.04. The trade was a 18.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Several hedge funds and other institutional investors have recently made changes to their positions in RDFN. Hollencrest Capital Management acquired a new stake in shares of Redfin during the 3rd quarter worth approximately $25,000. R Squared Ltd acquired a new stake in shares of Redfin in the 4th quarter valued at $33,000. Blue Trust Inc. increased its stake in shares of Redfin by 285.7% in the 3rd quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after purchasing an additional 2,446 shares during the last quarter. US Bancorp DE raised its holdings in shares of Redfin by 48.3% during the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after buying an additional 1,799 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Redfin during the 3rd quarter worth $47,000. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $8.64 on Thursday. Redfin has a 52 week low of $5.10 and a 52 week high of $15.29. The stock’s fifty day moving average is $8.25 and its 200 day moving average is $9.40.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Jefferies Financial Group lifted their price target on shares of Redfin from $7.50 to $11.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and increased their price objective for the company from $6.00 to $6.50 in a research report on Monday, November 18th. Wedbush upped their price target on shares of Redfin from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. raised their price objective 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. Finally, DA Davidson restated a “neutral” rating and set a $7.25 price objective on shares of Redfin in a report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.16.

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.