Short Interest in Redfin Corp (NASDAQ:RDFN) Rises By 22.3%

Redfin Corp (NASDAQ:RDFN) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 15,361,967 shares, a growth of 22.3% from the August 15th total of 12,555,896 shares. Based on an average daily trading volume, of 1,723,412 shares, the short-interest ratio is presently 8.9 days. Currently, 26.5% of the shares of the stock are short sold.

Shares of NASDAQ RDFN traded down $0.46 during trading on Friday, reaching $16.62. 933,563 shares of the company traded hands, compared to its average volume of 1,353,729. The company has a market cap of $1.66 billion, a PE ratio of -83.10 and a beta of -2.79. Redfin has a 52-week low of $16.39 and a 52-week high of $31.50.

Redfin (NASDAQ:RDFN) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $142.60 million for the quarter, compared to the consensus estimate of $140.12 million. Redfin had a negative net margin of 15.12% and a negative return on equity of 10.83%. The business’s quarterly revenue was up 35.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 EPS. As a group, equities research analysts forecast that Redfin will post -0.41 EPS for the current fiscal year.

In other Redfin news, insider Bridget Frey sold 5,000 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $19.00, for a total transaction of $95,000.00. Following the completion of the sale, the insider now owns 42,758 shares of the company’s stock, valued at approximately $812,402. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Wiener sold 10,000 shares of the stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $23.20, for a total transaction of $232,000.00. Following the sale, the insider now directly owns 239,749 shares of the company’s stock, valued at approximately $5,562,176.80. The disclosure for this sale can be found here. Insiders sold a total of 56,710 shares of company stock worth $1,178,533 in the last three months. Insiders own 8.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in RDFN. BlackRock Inc. boosted its holdings in shares of Redfin by 272.5% in the first quarter. BlackRock Inc. now owns 2,844,483 shares of the company’s stock worth $64,941,000 after buying an additional 2,080,872 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Redfin by 258.3% in the first quarter. Allianz Asset Management GmbH now owns 2,159,884 shares of the company’s stock worth $49,310,000 after buying an additional 1,557,144 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Redfin by 140.1% in the first quarter. Baillie Gifford & Co. now owns 2,398,259 shares of the company’s stock worth $54,751,000 after buying an additional 1,399,599 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Redfin by 181.0% in the second quarter. Janus Henderson Group PLC now owns 817,083 shares of the company’s stock worth $18,866,000 after buying an additional 526,356 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Redfin by 360.6% in the first quarter. Northern Trust Corp now owns 504,935 shares of the company’s stock worth $11,528,000 after buying an additional 395,314 shares during the last quarter. 76.69% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on the stock. BidaskClub raised shares of Redfin from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and set a $20.00 price objective for the company. in a report on Monday, June 18th. Zacks Investment Research lowered shares of Redfin from a “hold” rating to a “sell” rating in a report on Thursday, July 12th. William Blair reiterated an “outperform” rating on shares of Redfin in a research note on Friday, August 10th. Finally, Stifel Nicolaus decreased their price target on shares of Redfin from $25.00 to $20.00 and set a “hold” rating for the company in a research note on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Redfin has a consensus rating of “Hold” and an average price target of $24.17.

About Redfin

Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, such as assisting individuals to purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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