Redfin Corp (RDFN) Stake Raised by Bank of America Corp DE
Bank of America Corp DE raised its holdings in Redfin Corp (NASDAQ:RDFN) by 19.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 64,114 shares of the company’s stock after buying an additional 10,456 shares during the quarter. Bank of America Corp DE owned about 0.08% of Redfin worth $1,480,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of RDFN. Zevenbergen Capital Investments LLC boosted its holdings in Redfin by 16.4% in the second quarter. Zevenbergen Capital Investments LLC now owns 43,290 shares of the company’s stock worth $1,000,000 after acquiring an additional 6,100 shares in the last quarter. Voya Investment Management LLC boosted its holdings in Redfin by 18.1% in the second quarter. Voya Investment Management LLC now owns 28,457 shares of the company’s stock worth $657,000 after acquiring an additional 4,366 shares in the last quarter. Raymond James & Associates boosted its holdings in Redfin by 146.4% in the second quarter. Raymond James & Associates now owns 186,000 shares of the company’s stock worth $4,295,000 after acquiring an additional 110,500 shares in the last quarter. HarbourVest Partners LLC boosted its holdings in Redfin by 29.9% in the second quarter. HarbourVest Partners LLC now owns 147,098 shares of the company’s stock worth $3,396,000 after acquiring an additional 33,841 shares in the last quarter. Finally, Jasper Ridge Partners L.P. bought a new stake in Redfin in the second quarter worth $373,000. Hedge funds and other institutional investors own 78.17% of the company’s stock.
Several research firms have commented on RDFN. DA Davidson dropped their target price on Redfin to $17.50 and set a “neutral” rating on the stock in a report on Tuesday. Zacks Investment Research downgraded Redfin from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. William Blair downgraded Redfin from an “outperform” rating to a “market perform” rating in a report on Friday, November 9th. BidaskClub upgraded Redfin from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Finally, Stifel Nicolaus decreased their price target on Redfin from $25.00 to $20.00 and set a “hold” rating for the company in a research note on Friday, August 10th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $22.45.
Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Thursday, November 8th. The company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.02. Redfin had a negative return on equity of 12.10% and a negative net margin of 6.88%. The firm had revenue of $140.30 million during the quarter, compared to analysts’ expectations of $139.45 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The company’s revenue was up 28.1% on a year-over-year basis. As a group, research analysts anticipate that Redfin Corp will post -0.43 EPS for the current fiscal year.
In related news, insider Bridget Frey sold 5,000 shares of the company’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $19.53, for a total transaction of $97,650.00. Following the completion of the sale, the insider now owns 42,758 shares in the company, valued at $835,063.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Scott Nagel sold 6,250 shares of the company’s stock in a transaction on Friday, October 26th. The shares were sold at an average price of $16.44, for a total value of $102,750.00. Following the sale, the insider now owns 14,583 shares of the company’s stock, valued at approximately $239,744.52. The disclosure for this sale can be found here. Insiders sold 47,290 shares of company stock valued at $827,361 in the last 90 days. Company insiders own 8.80% of the company’s stock.
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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