Bank of Montreal Can Buys New Position in Redfin Co. (NASDAQ:RDFN)

Bank of Montreal Can bought a new stake in Redfin Co. (NASDAQ:RDFN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 38,874 shares of the company’s stock, valued at approximately $519,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. boosted its holdings in Redfin by 2.5% in the first quarter. Brown Brothers Harriman & Co. now owns 41,236 shares of the company’s stock valued at $744,000 after acquiring an additional 1,000 shares during the last quarter. Brighton Jones LLC lifted its stake in Redfin by 8.7% in the first quarter. Brighton Jones LLC now owns 15,638 shares of the company’s stock valued at $142,000 after buying an additional 1,247 shares during the period. First Trust Advisors LP lifted its stake in Redfin by 8.3% in the first quarter. First Trust Advisors LP now owns 16,522 shares of the company’s stock valued at $298,000 after buying an additional 1,270 shares during the period. Independent Advisor Alliance lifted its stake in Redfin by 11.6% in the second quarter. Independent Advisor Alliance now owns 15,135 shares of the company’s stock valued at $188,000 after buying an additional 1,578 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Redfin by 4.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 43,255 shares of the company’s stock valued at $183,000 after buying an additional 1,830 shares during the period. 78.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RDFN shares. DA Davidson raised Redfin from an “underperform” rating to a “neutral” rating and dropped their price target for the company from $8.50 to $8.00 in a research note on Thursday, September 28th. Royal Bank of Canada dropped their price target on Redfin from $10.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Friday, November 3rd. Citigroup boosted their price target on Redfin from $8.60 to $11.00 and gave the company a “neutral” rating in a research note on Monday, August 7th. Gordon Haskett raised Redfin from an “underperform” rating to a “hold” rating and dropped their price target for the company from $8.00 to $7.00 in a research note on Tuesday, September 26th. Finally, Wedbush lowered their target price on Redfin from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, November 3rd. One 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 price target of $7.81.

Redfin Trading Down 4.2 %

Shares of Redfin stock opened at $6.60 on Friday. The stock has a fifty day simple moving average of $6.48 and a 200 day simple moving average of $9.54. Redfin Co. has a 12-month low of $3.74 and a 12-month high of $17.68. The company has a market capitalization of $760.58 million, a P/E ratio of -4.29 and a beta of 2.50. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 139.00.

Insider Buying and Selling

In related news, insider Anthony Ray Kappus sold 23,237 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $9.02, for a total transaction of $209,597.74. Following the completion of the sale, the insider now owns 15,477 shares in the company, valued at $139,602.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Redfin news, CFO Christopher John Nielsen sold 10,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $8.42, for a total value of $84,200.00. Following the completion of the transaction, the chief financial officer now owns 425,094 shares in the company, valued at approximately $3,579,291.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony Ray Kappus sold 23,237 shares of the company’s stock in a transaction 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 completion of 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. Over the last 90 days, insiders sold 53,237 shares of company stock worth $416,698. 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.