Lighthouse Investment Partners LLC Acquires New Position in Redfin Co. (NASDAQ:RDFN)

Lighthouse Investment Partners LLC bought a new position in shares of Redfin Co. (NASDAQ:RDFN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,827 shares of the company’s stock, valued at approximately $93,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDFN. Cerity Partners LLC lifted its position in shares of Redfin by 3.3% during the 4th quarter. Cerity Partners LLC now owns 37,285 shares of the company’s stock valued at $293,000 after acquiring an additional 1,189 shares during the period. Merit Financial Group LLC raised its holdings in Redfin by 10.7% during the fourth quarter. Merit Financial Group LLC now owns 15,848 shares of the company’s stock worth $125,000 after purchasing an additional 1,529 shares during the last quarter. US Bancorp DE raised its holdings 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 purchasing an additional 1,799 shares during the last quarter. Blue Trust Inc. grew its holdings in Redfin by 76.3% in 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 during the last quarter. Finally, AlphaQuest LLC grew its holdings in 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 last quarter. 61.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Christian John Taubman sold 16,209 shares of the company’s stock in a transaction on Friday, March 21st. The shares were 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 in the company, valued at approximately $831,968.40. This represents a 17.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.40% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on RDFN. JPMorgan Chase & Co. boosted their price objective on shares of Redfin from $7.00 to $12.50 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Stephens cut their target price on shares of Redfin from $12.50 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Gordon Haskett raised Redfin to a “hold” rating in a report on Monday, March 10th. B. Riley lowered shares of Redfin from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 10th. Finally, Piper Sandler raised shares of Redfin from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.45.

Redfin Trading Up 1.2%

RDFN stock opened at $10.02 on Friday. The stock has a 50-day moving average price of $9.57 and a two-hundred day moving average price of $8.89. The company has a market cap of $1.28 billion, a PE ratio of -7.83 and a beta of 2.50. Redfin Co. has a 12-month low of $5.49 and a 12-month high of $15.29.

Redfin (NASDAQ:RDFN) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.04). The business had revenue of $221.03 million during 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 quarter in the previous year, the business earned ($0.57) earnings per share. Equities analysts forecast that Redfin Co. will post -1.25 EPS for the current fiscal year.

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.