Short Interest in Redfin Co. (NASDAQ:RDFN) Drops By 16.7%

Redfin Co. (NASDAQ:RDFN) was the target of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 15,530,000 shares, a decline of 16.7% from the March 15th total of 18,650,000 shares. Based on an average trading volume of 8,300,000 shares, the short-interest ratio is currently 1.9 days. Currently, 13.1% of the company’s stock are sold short.

Redfin Stock Up 3.5 %

RDFN stock opened at $8.51 on Tuesday. Redfin has a fifty-two week low of $5.10 and a fifty-two week high of $15.29. The stock has a market cap of $1.09 billion, a PE ratio of -6.58 and a beta of 2.56. The firm’s 50-day simple moving average is $9.03 and its 200 day simple moving average is $9.02.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Susquehanna dropped their target price on Redfin from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a research note on Wednesday, March 5th. B. Riley cut Redfin from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 10th. DA Davidson restated a “neutral” rating and set a $7.25 target price on shares of Redfin in a report on Wednesday, February 19th. Finally, Piper Sandler upgraded shares of Redfin from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Redfin has a consensus rating of “Hold” and a consensus target price of $10.25.

Insider Transactions at Redfin

In related news, insider Christian John Taubman sold 16,209 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the transaction, the insider now owns 74,616 shares of the company’s stock, valued at $831,968.40. This trade represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Redfin

Large investors have recently bought and sold shares of the stock. Hennessy Advisors Inc. acquired a new position in Redfin during the fourth quarter valued at $40,109,000. Tidal Investments LLC bought a new position in Redfin in the 3rd quarter worth $10,650,000. Two Sigma Advisers LP boosted its holdings in Redfin by 17.4% during the fourth quarter. Two Sigma Advisers LP now owns 2,524,100 shares of the company’s stock valued at $19,865,000 after acquiring an additional 374,200 shares during the period. JPMorgan Chase & Co. increased its position in Redfin by 89.0% during the fourth quarter. JPMorgan Chase & Co. now owns 616,923 shares of the company’s stock worth $4,855,000 after acquiring an additional 290,545 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Redfin by 839.2% in the 1st quarter. GAMMA Investing LLC now owns 164,877 shares of the company’s stock valued at $1,519,000 after acquiring an additional 147,322 shares in the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

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.