Short Interest in Redfin Corp (RDFN) Expands By 104.3%
Redfin Corp (NASDAQ:RDFN) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 2,908,637 shares, an increase of 104.3% from the August 15th total of 1,423,467 shares. Approximately 8.6% of the company’s shares are sold short. Based on an average trading volume of 1,298,145 shares, the days-to-cover ratio is presently 2.2 days.
In other news, major shareholder Tiger Global Management Llc bought 260,000 shares of the company’s stock in a transaction on Friday, July 28th. The stock was bought at an average cost of $15.00 per share, with a total value of $3,900,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.
Redfin Corp (NASDAQ RDFN) opened at 26.92 on Tuesday. Redfin Corp has a 12 month low of $19.29 and a 12 month high of $33.49. The firm’s market capitalization is $1.90 billion. The stock’s 50 day moving average price is $25.76 and its 200-day moving average price is $24.90.
Redfin Corp (NASDAQ:RDFN) last announced its earnings results on Thursday, September 7th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. The company had revenue of $104.90 million for the quarter, compared to analysts’ expectations of $104.78 million. The company’s quarterly revenue was up 35.0% on a year-over-year basis. On average, analysts forecast that Redfin Corp will post ($0.17) earnings per share for the current year.
A number of brokerages have recently commented on RDFN. Goldman Sachs Group, Inc. (The) began coverage on Redfin Corp in a research report on Tuesday, August 22nd. They set a “neutral” rating and a $20.00 price objective for the company. Royal Bank Of Canada began coverage on Redfin Corp in a research report on Tuesday, August 22nd. They set a “sector perform” rating and a $28.00 price objective for the company. Bank of America Corporation reissued a “neutral” rating and set a $28.00 price objective on shares of Redfin Corp in a research report on Tuesday, August 22nd. Stifel Nicolaus began coverage on Redfin Corp in a research report on Tuesday, August 22nd. They set a “hold” rating and a $24.00 price objective for the company. Finally, CIBC began coverage on Redfin Corp in a research report on Tuesday, August 22nd. They set an “outperform” rating and a $31.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $27.00.
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Redfin Corp Company Profile
Redfin Corporation is engaged in providing residential real estate brokerage services. The customer can search for homes by neighborhood, city or MLS number, or can refine results using detailed parameters, such as price and number of beds or baths. The Company serves home buyers and sellers. The Company offers online tools to consumers, including Redfin Estimate, which is an automated home-valuation tool.
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