Institute for Wealth Management LLC. Buys 10,030 Shares of Redfin Co. (NASDAQ:RDFN)

Institute for Wealth Management LLC. boosted its holdings in Redfin Co. (NASDAQ:RDFN) by 34.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,010 shares of the company’s stock after acquiring an additional 10,030 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Redfin were worth $403,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Federated Hermes Inc. increased its stake in Redfin by 2.4% in the fourth quarter. Federated Hermes Inc. now owns 1,497,912 shares of the company’s stock valued at $15,458,000 after acquiring an additional 35,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Redfin by 30.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,218 shares of the company’s stock valued at $260,000 after acquiring an additional 5,892 shares during the period. Byrne Asset Management LLC bought a new stake in Redfin in the fourth quarter valued at about $475,000. Valeo Financial Advisors LLC bought a new stake in Redfin in the fourth quarter valued at about $206,000. Finally, Sequoia Financial Advisors LLC bought a new stake in Redfin in the fourth quarter valued at about $270,000. Institutional investors own 61.07% of the company’s stock.

Redfin Price Performance

Shares of RDFN stock opened at $5.20 on Friday. Redfin Co. has a 1 year low of $4.26 and a 1 year high of $17.68. The firm’s 50 day moving average is $6.49 and its 200-day moving average is $7.18. The firm has a market capitalization of $620.05 million, a price-to-earnings ratio of -4.44 and a beta of 2.66. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 295.91.

Redfin (NASDAQ:RDFN) last announced its earnings results on Tuesday, February 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Redfin had a negative net margin of 11.95% and a negative return on equity of 1,780.89%. The company had revenue of $218.08 million for the quarter, compared to analyst estimates of $220.32 million. During the same period in the prior year, the business earned ($0.83) earnings per share. Redfin’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts forecast that Redfin Co. will post -1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDFN has been the topic of several research analyst reports. Royal Bank of Canada decreased their price objective on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Redfin in a research note on Wednesday, February 28th. Gordon Haskett cut shares of Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price objective on the stock. in a research note on Thursday, February 29th. Citigroup decreased their price objective on shares of Redfin from $10.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $6.75 price objective on shares of Redfin in a research note on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.92.

Insider Activity at Redfin

In related news, insider Christian John Taubman sold 7,916 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the transaction, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Christian John Taubman sold 7,916 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $6.90, for a total value of $54,620.40. Following the transaction, the insider now directly owns 52,117 shares in the company, valued at $359,607.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anna Stevens sold 10,851 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the completion of the sale, the insider now owns 15,477 shares in the company, valued at $104,934.06. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by company insiders.

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.