Voloridge Investment Management LLC Reduces Stock Position in Redfin Co. (NASDAQ:RDFN)

Voloridge Investment Management LLC lowered its stake in shares of Redfin Co. (NASDAQ:RDFN - Free Report) by 84.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 164,447 shares of the company's stock after selling 922,018 shares during the period. Voloridge Investment Management LLC owned 0.13% of Redfin worth $1,294,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDFN. Blueshift Asset Management LLC purchased a new position in shares of Redfin during the 4th quarter worth $197,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Redfin by 57.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 270,340 shares of the company's stock valued at $2,128,000 after purchasing an additional 99,078 shares during the period. Charles Schwab Investment Management Inc. increased its position in Redfin by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,021,905 shares of the company's stock worth $8,042,000 after purchasing an additional 23,621 shares during the last quarter. HighPoint Advisor Group LLC raised its stake in Redfin by 369.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 66,454 shares of the company's stock worth $528,000 after purchasing an additional 52,307 shares during the period. Finally, Virtu Financial LLC purchased a new position in Redfin during the fourth quarter worth about $649,000. Institutional investors and hedge funds own 61.07% of the company's stock.

Insider Activity

In related news, insider Christian John Taubman sold 16,209 shares of the firm's stock in a transaction that occurred 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 sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.40% of the company's stock.

Redfin Price Performance

Shares of NASDAQ RDFN traded down $0.19 during midday trading on Monday, hitting $9.80. The company's stock had a trading volume of 4,726,485 shares, compared to its average volume of 6,472,143. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.66 and a beta of 2.50. The business's fifty day simple moving average is $9.40 and its two-hundred day simple moving average is $8.88. Redfin Co. has a 1 year low of $5.49 and a 1 year high of $15.29.

Redfin (NASDAQ:RDFN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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. The firm's quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.57) EPS. Analysts anticipate that Redfin Co. will post -1.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Zelman & Associates raised shares of Redfin to a "strong-buy" rating in a research note on Wednesday, March 5th. Royal Bank of Canada increased their price objective on Redfin from $8.00 to $12.50 and gave the stock a "sector perform" rating in a research report on Tuesday, April 15th. Citigroup lifted their target price on Redfin from $7.30 to $9.20 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Piper Sandler raised Redfin from an "underweight" rating to a "neutral" rating and upped their price target for the company from $4.00 to $12.50 in a research note on Tuesday, March 11th. Finally, Stephens cut their price objective on Redfin from $12.50 to $11.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Redfin presently has an average rating of "Hold" and a consensus target price of $10.45.

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.