Spyglass Capital Management LLC Acquires 115,110 Shares of Redfin Corp (NASDAQ:RDFN)

Spyglass Capital Management LLC lifted its holdings in Redfin Corp (NASDAQ:RDFN) by 22.1% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 636,513 shares of the company’s stock after acquiring an additional 115,110 shares during the quarter. Redfin accounts for about 3.6% of Spyglass Capital Management LLC’s holdings, making the stock its 17th biggest holding. Spyglass Capital Management LLC’s holdings in Redfin were worth $11,445,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Jackson Square Partners LLC lifted its holdings in shares of Redfin by 6.9% in the 1st quarter. Jackson Square Partners LLC now owns 6,490,949 shares of the company’s stock worth $131,571,000 after acquiring an additional 417,458 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Redfin by 21.7% in the 2nd quarter. Baillie Gifford & Co. now owns 5,779,516 shares of the company’s stock worth $103,915,000 after acquiring an additional 1,032,134 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Redfin by 9.9% in the 2nd quarter. BlackRock Inc. now owns 5,618,562 shares of the company’s stock worth $101,023,000 after acquiring an additional 504,808 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of Redfin by 2.4% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,267,650 shares of the company’s stock worth $22,792,000 after acquiring an additional 30,000 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Redfin by 57.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 995,000 shares of the company’s stock worth $17,890,000 after acquiring an additional 364,799 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

RDFN has been the subject of a number of recent analyst reports. Susquehanna Bancshares upgraded shares of Redfin from a “neutral” rating to a “positive” rating and set a $23.00 price target for the company in a report on Wednesday, July 17th. Craig Hallum upgraded shares of Redfin from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Wednesday, August 21st. Stephens set a $24.00 price target on shares of Redfin and gave the company a “buy” rating in a report on Monday, September 9th. DA Davidson set a $16.00 price target on shares of Redfin and gave the company a “hold” rating in a report on Tuesday, July 2nd. Finally, Stifel Nicolaus upped their price target on shares of Redfin from $18.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Redfin has an average rating of “Buy” and an average target price of $23.00.

Redfin stock traded up $0.69 during mid-day trading on Monday, reaching $18.60. 312,215 shares of the company traded hands, compared to its average volume of 706,091. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.91 and a quick ratio of 3.19. The firm’s 50 day moving average price is $17.65 and its 200 day moving average price is $18.67. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -37.96 and a beta of 1.38. Redfin Corp has a 52-week low of $13.50 and a 52-week high of $23.47.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.01. The business had revenue of $197.80 million for the quarter, compared to the consensus estimate of $190.35 million. Redfin had a negative net margin of 15.47% and a negative return on equity of 25.83%. The company’s quarterly revenue was up 38.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 EPS. On average, sell-side analysts anticipate that Redfin Corp will post -0.93 EPS for the current year.

In other news, CFO Christopher John Nielsen sold 3,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $17.35, for a total value of $52,050.00. Following the sale, the chief financial officer now directly owns 8,542 shares of the company’s stock, valued at approximately $148,203.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Bridget Frey sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $18.00, for a total transaction of $90,000.00. Following the completion of the sale, the chief technology officer now directly owns 69,796 shares in the company, valued at $1,256,328. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,250 shares of company stock worth $2,848,724. Insiders own 8.20% of the company’s stock.

Redfin Company Profile

Redfin Corporation operates as a real estate brokerage company in the United States. The company operates an online real estate marketplace and provides real estate services, including assisting individuals in purchase or sell their residential property. It also provides title and settlement services; originates and sells mortgages; and buys and sells residential properties.

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Institutional Ownership by Quarter for Redfin (NASDAQ:RDFN)

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