Geode Capital Management LLC Boosts Position in Redfin Co. (NASDAQ:RDFN)

Geode Capital Management LLC raised its stake in Redfin Co. (NASDAQ:RDFN) by 1.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,079,813 shares of the company’s stock after buying an additional 56,865 shares during the period. Geode Capital Management LLC owned about 2.48% of Redfin worth $24,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in RDFN. R Squared Ltd purchased a new stake in Redfin in the fourth quarter worth about $33,000. US Bancorp DE lifted its position in shares of Redfin by 48.3% in the 4th quarter. US Bancorp DE now owns 5,522 shares of the company’s stock worth $43,000 after purchasing an additional 1,799 shares during the period. Blue Trust Inc. boosted its stake in shares of Redfin by 76.3% during the fourth quarter. Blue Trust Inc. now owns 5,822 shares of the company’s stock valued at $46,000 after purchasing an additional 2,520 shares in the last quarter. AlphaQuest LLC increased its holdings in Redfin by 87.8% during the fourth quarter. AlphaQuest LLC now owns 7,086 shares of the company’s stock valued at $56,000 after buying an additional 3,312 shares during the period. Finally, Ballentine Partners LLC bought a new position in Redfin in the fourth quarter worth approximately $81,000. 61.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Christian John Taubman sold 16,209 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $11.15, for a total transaction of $180,730.35. Following the completion of the transaction, the insider now directly owns 74,616 shares in the company, valued at $831,968.40. The trade was a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Redfin Stock Performance

Shares of RDFN opened at $8.44 on Friday. The stock has a 50-day moving average of $9.04 and a two-hundred day moving average of $9.07. The stock has a market cap of $1.08 billion, a P/E ratio of -6.59 and a beta of 2.56. Redfin Co. has a one year low of $5.10 and a one year high of $15.29.

Analysts Set New Price Targets

Several analysts have issued reports on RDFN shares. B. Riley cut Redfin from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 10th. Gordon Haskett upgraded Redfin to a “hold” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. increased their price target on shares of Redfin from $7.00 to $12.50 and gave the company a “neutral” rating in a research report on Monday, March 24th. Zelman & Associates raised shares of Redfin to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, DA Davidson reissued a “neutral” rating and set a $7.25 target price on shares of Redfin in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $10.25.

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.