Redfin Co. (NASDAQ:RDFN) Short Interest Update

Redfin Co. (NASDAQ:RDFN - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 20,530,000 shares, a growth of 74.0% from the April 30th total of 11,800,000 shares. Based on an average daily volume of 9,020,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 17.3% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Benchmark restated a "mixed" rating on shares of Redfin in a research report on Monday, May 19th. Zelman & Associates raised shares of Redfin to a "strong-buy" rating in a research report on Wednesday, March 5th. Needham & Company LLC reissued a "hold" rating on shares of Redfin in a research report on Tuesday, March 11th. Stephens decreased their target price on Redfin from $12.50 to $11.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Piper Sandler raised shares of Redfin from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $4.00 to $12.50 in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Redfin currently has a consensus rating of "Hold" and an average price target of $10.45.

Insider Activity

In related news, insider Christian John Taubman sold 16,209 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the transaction, the insider now directly owns 74,616 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is owned by company insiders.

Institutional Trading of Redfin

A number of large investors have recently made changes to their positions in the company. Summit Securities Group LLC purchased a new position in shares of Redfin during the 1st quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Redfin in the 4th quarter valued at about $27,000. R Squared Ltd acquired a new stake in Redfin during the fourth quarter worth approximately $33,000. FNY Investment Advisers LLC acquired a new position in Redfin in the first quarter valued at $46,000. Finally, US Bancorp DE boosted its position in shares of Redfin by 48.3% in 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 last quarter. 61.07% of the stock is owned by institutional investors and hedge funds.

Redfin Stock Down 1.9%

Shares of Redfin stock traded down $0.19 during mid-day trading on Monday, reaching $9.80. 4,726,485 shares of the stock traded hands, compared to its average volume of 6,472,143. The business has a 50-day moving average of $9.41 and a 200 day moving average of $8.87. The stock has a market capitalization of $1.25 billion, a PE ratio of -7.66 and a beta of 2.50. Redfin has a fifty-two week low of $5.49 and a fifty-two week high of $15.29.

Redfin (NASDAQ:RDFN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.04). The company had revenue of $221.03 million during the quarter, compared to analysts' expectations of $220.89 million. The company's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.57) EPS. On average, equities research analysts expect that Redfin 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.