Victory Capital Management Inc. Cuts Stake in Redfin Co. (NASDAQ:RDFN)

Victory Capital Management Inc. reduced its stake in Redfin Co. (NASDAQ:RDFN) by 28.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 82,154 shares of the company’s stock after selling 32,574 shares during the quarter. Victory Capital Management Inc. owned 0.07% of Redfin worth $1,020,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Advisors Ltd. LLC boosted its holdings in shares of Redfin by 3,238.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 3,038 shares of the company’s stock worth $38,000 after buying an additional 2,947 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Redfin in the 2nd quarter worth about $92,000. Point72 Middle East FZE purchased a new position in shares of Redfin in the 4th quarter worth about $41,000. Simplicity Solutions LLC purchased a new position in shares of Redfin in the 1st quarter worth about $92,000. Finally, Guggenheim Capital LLC purchased a new position in shares of Redfin in the 3rd quarter worth about $60,000. 78.59% of the stock is owned by hedge funds and other institutional investors.

Redfin Stock Down 1.6 %

Shares of NASDAQ RDFN opened at $4.94 on Tuesday. Redfin Co. has a 12 month low of $3.08 and a 12 month high of $17.68. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 87.86. The firm has a market capitalization of $563.01 million, a price-to-earnings ratio of -2.25 and a beta of 2.45. The business has a 50-day moving average of $7.40 and a 200-day moving average of $9.80.

Redfin (NASDAQ:RDFN) last issued its earnings results on Thursday, August 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.07. The business had revenue of $275.50 million during the quarter, compared to analyst estimates of $275.70 million. Redfin had a negative return on equity of 616.23% and a negative net margin of 14.29%. Redfin’s revenue for the quarter was down 54.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.73) earnings per share. Sell-side analysts expect that Redfin Co. will post -1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Oppenheimer upgraded Redfin from an “underperform” rating to a “market perform” rating in a research note on Tuesday, August 15th. They noted that the move was a valuation call. Citigroup boosted their price objective on Redfin from $8.60 to $11.00 and gave the company a “neutral” rating in a research note on Monday, August 7th. DA Davidson upgraded Redfin from an “underperform” rating to a “neutral” rating and lowered their price objective for the company from $8.50 to $8.00 in a research note on Thursday, September 28th. Gordon Haskett upgraded Redfin from an “underperform” rating to a “hold” rating and lowered their price objective for the company from $8.00 to $7.00 in a research note on Tuesday, September 26th. Finally, Jefferies Financial Group boosted their price objective on Redfin from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.63.

Insiders Place Their Bets

In other Redfin news, insider Anthony Ray Kappus sold 23,237 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $9.02, for a total value of $209,597.74. Following the completion of the sale, the insider now owns 15,477 shares of the company’s stock, valued at $139,602.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Christopher John Nielsen sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $8.42, for a total transaction of $84,200.00. Following the completion of the transaction, the chief financial officer now owns 425,094 shares in the company, valued at $3,579,291.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Anthony Ray Kappus sold 23,237 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $9.02, for a total value of $209,597.74. Following the transaction, the insider now owns 15,477 shares of the company’s stock, valued at approximately $139,602.54. The disclosure for this sale can be found here. Insiders sold a total of 43,237 shares of company stock valued at $352,698 over the last quarter. 5.30% of the stock is owned by corporate insiders.

About Redfin

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.