Harvest Fund Management Co. Ltd Makes New Investment in Redfin Co. (NASDAQ:RDFN)

Harvest Fund Management Co. Ltd bought a new stake in Redfin Co. (NASDAQ:RDFN) during the 4th quarter, Holdings Channel reports. The firm bought 26,674 shares of the company’s stock, valued at approximately $273,000.

Other large investors also recently made changes to their positions in the company. Jennison Associates LLC grew its holdings in Redfin by 4.4% in the 3rd quarter. Jennison Associates LLC now owns 61,019 shares of the company’s stock valued at $430,000 after buying an additional 2,580 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Redfin by 41.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,442 shares of the company’s stock valued at $74,000 after acquiring an additional 3,041 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Redfin in the third quarter valued at about $27,000. Swiss National Bank increased its position in Redfin by 2.0% during the third quarter. Swiss National Bank now owns 243,600 shares of the company’s stock worth $1,715,000 after acquiring an additional 4,700 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Redfin by 36.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,326 shares of the company’s stock worth $136,000 after purchasing an additional 5,157 shares in the last quarter. Institutional investors own 61.07% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Citigroup lowered their target price on shares of Redfin from $10.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 29th. DA Davidson reaffirmed a “neutral” rating and issued a $6.75 price objective on shares of Redfin in a report on Friday, March 22nd. Wedbush reissued a “neutral” rating and set a $8.00 target price on shares of Redfin in a report on Wednesday, February 28th. Gordon Haskett downgraded Redfin from a “hold” rating to an “underperform” rating and set a $5.50 price target for the company. in a research note on Thursday, February 29th. Finally, Royal Bank of Canada cut their price objective on shares of Redfin from $10.00 to $9.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.92.

Redfin Stock Performance

Shares of NASDAQ RDFN opened at $5.21 on Thursday. The company’s 50 day moving average price is $6.40 and its 200-day moving average price is $7.16. The company has a debt-to-equity ratio of 295.91, a quick ratio of 1.66 and a current ratio of 1.66. Redfin Co. has a 52-week low of $4.26 and a 52-week high of $17.68.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.20) EPS for the quarter, beating 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 business had revenue of $218.08 million for the quarter, compared to analysts’ expectations of $220.32 million. During the same quarter in the prior year, the firm posted ($0.83) earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts forecast that Redfin Co. will post -1.31 EPS for the current year.

Insider Activity at Redfin

In other news, insider Anna Stevens sold 10,851 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were 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 of the company’s stock, valued at approximately $104,934.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Christian John Taubman sold 7,916 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $6.90, for a total transaction of $54,620.40. Following the transaction, the insider now 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 through the SEC website. Also, insider Anna Stevens sold 10,851 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $6.78, for a total transaction of $73,569.78. Following the transaction, the insider now directly owns 15,477 shares in the company, valued at approximately $104,934.06. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Redfin Company 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.