Bayesian Capital Management LP Cuts Position in Redfin Co. (NASDAQ:RDFN)

Bayesian Capital Management LP decreased its holdings in Redfin Co. (NASDAQ:RDFN) by 57.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,700 shares of the company’s stock after selling 58,800 shares during the quarter. Bayesian Capital Management LP’s holdings in Redfin were worth $344,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. R Squared Ltd acquired a new position in shares of Redfin during the 4th quarter worth approximately $33,000. US Bancorp DE raised its position in Redfin by 48.3% during the fourth quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after acquiring an additional 1,799 shares during the period. Blue Trust Inc. lifted its holdings in Redfin by 76.3% during the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after purchasing an additional 2,520 shares in the last quarter. AlphaQuest LLC grew its position in shares of Redfin by 87.8% in the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after purchasing an additional 3,312 shares during the period. Finally, Strategic Investment Solutions Inc. IL increased its stake in shares of Redfin by 18,368.0% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 9,234 shares of the company’s stock worth $73,000 after purchasing an additional 9,184 shares in the last quarter. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Redfin Price Performance

Redfin stock opened at $8.97 on Thursday. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -7.01 and a beta of 2.50. The firm has a 50 day simple moving average of $9.24 and a 200-day simple moving average of $8.92. Redfin Co. has a 1-year low of $5.49 and a 1-year high of $15.29.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, May 6th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.04). The business had revenue of $221.03 million for the quarter, compared to the consensus estimate of $220.89 million. Redfin’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.57) earnings per share. Equities analysts expect that Redfin Co. will post -1.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Zelman & Associates upgraded Redfin to a “strong-buy” rating in a report on Wednesday, March 5th. Needham & Company LLC reiterated a “hold” rating on shares of Redfin in a research report on Tuesday, March 11th. B. Riley lowered Redfin from a “strong-buy” rating to a “hold” rating in a report on Monday, March 10th. Susquehanna dropped their target price on shares of Redfin from $10.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Finally, Piper Sandler raised shares of Redfin from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.25.

Insider Activity at Redfin

In other Redfin news, insider Christian John Taubman sold 16,209 shares of Redfin stock in a transaction dated 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 $831,968.40. The trade was a 17.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.40% of the stock is owned by 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.