Freestone Grove Partners LP Acquires Shares of 60,200 Redfin Co. (NASDAQ:RDFN)

Freestone Grove Partners LP purchased a new position in Redfin Co. (NASDAQ:RDFN - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 60,200 shares of the company's stock, valued at approximately $474,000.

A number of other institutional investors have also made changes to their positions in RDFN. Hennessy Advisors Inc. acquired a new position in Redfin during the 4th quarter valued at approximately $40,109,000. Merit Financial Group LLC boosted its position in Redfin by 10.7% during the 4th quarter. Merit Financial Group LLC now owns 15,848 shares of the company's stock worth $125,000 after acquiring an additional 1,529 shares during the period. Ballentine Partners LLC purchased a new position in Redfin in the fourth quarter valued at about $81,000. SG Americas Securities LLC boosted its holdings in Redfin by 47.7% in the fourth quarter. SG Americas Securities LLC now owns 72,615 shares of the company's stock worth $571,000 after purchasing an additional 23,441 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of 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 period. 61.07% of the stock is currently owned by institutional investors.

Redfin Stock Down 1.4 %

Shares of NASDAQ:RDFN traded down $0.13 during mid-day trading on Wednesday, reaching $8.97. 6,120,818 shares of the stock were exchanged, compared to its average volume of 6,298,821. Redfin Co. has a one year low of $5.49 and a one year high of $15.29. The stock's 50 day simple moving average is $9.19 and its 200-day simple moving average is $8.92. The company has a market cap of $1.15 billion, a P/E ratio of -7.01 and a beta of 2.50.

Redfin (NASDAQ:RDFN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.73) earnings per share for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.04). The company had revenue of $221.03 million for the quarter, compared to analyst estimates of $220.89 million. During the same period in the prior year, the business posted ($0.57) earnings per share. The company's quarterly revenue was down 2.0% compared to the same quarter last year. Analysts anticipate that Redfin Co. will post -1.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RDFN shares. Piper Sandler upgraded Redfin from an "underweight" rating to a "neutral" rating and lifted their price objective for the stock from $4.00 to $12.50 in a research note on Tuesday, March 11th. Susquehanna reduced their target price on shares of Redfin from $10.00 to $7.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. JPMorgan Chase & Co. increased their target price 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. Royal Bank of Canada upped their price objective on shares of Redfin from $8.00 to $12.50 and gave the stock a "sector perform" rating in a research note on Tuesday, April 15th. Finally, Gordon Haskett raised Redfin to a "hold" rating in a report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $10.25.

Insiders Place Their Bets

In other Redfin news, insider Christian John Taubman sold 16,209 shares of Redfin 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 directly owns 74,616 shares of the company's stock, valued at $831,968.40. The trade was a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.40% of the company's stock.

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.