Connor Clark & Lunn Investment Management Ltd. Reduces Holdings in Redfin Co. (NASDAQ:RDFN)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Redfin Co. (NASDAQ:RDFN) by 28.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 171,262 shares of the company’s stock after selling 68,065 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of Redfin worth $2,146,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RDFN. Mather Group LLC. increased its holdings in Redfin by 282.1% during the 2nd quarter. Mather Group LLC. now owns 3,821 shares of the company’s stock worth $25,000 after purchasing an additional 2,821 shares during the period. Hollencrest Capital Management bought a new stake in shares of Redfin in the 3rd quarter valued at about $25,000. Blue Trust Inc. lifted its position in Redfin by 285.7% during the third quarter. Blue Trust Inc. now owns 3,302 shares of the company’s stock valued at $41,000 after acquiring an additional 2,446 shares during the last quarter. Quest Partners LLC acquired a new stake in Redfin in the third quarter valued at approximately $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Redfin in the 3rd quarter worth $48,000. Hedge funds and other institutional investors own 61.07% of the company’s stock.

Insiders Place Their Bets

In other news, insider Anthony Ray Kappus sold 8,417 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $8.43, for a total transaction of $70,955.31. Following the completion of the sale, the insider now owns 29,978 shares of the company’s stock, valued at $252,714.54. The trade was a 21.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is currently owned by company insiders.

Redfin Stock Up 5.1 %

NASDAQ:RDFN opened at $9.63 on Tuesday. Redfin Co. has a 52 week low of $5.10 and a 52 week high of $15.29. The stock’s 50-day moving average price is $10.70 and its 200-day moving average price is $8.75. The stock has a market capitalization of $1.19 billion, a PE ratio of -7.52 and a beta of 2.70.

Redfin (NASDAQ:RDFN) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). The business had revenue of $278.02 million during the quarter, compared to the consensus estimate of $280.21 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. Sell-side analysts expect that Redfin Co. will post -1.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Redfin from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. DA Davidson reiterated a “neutral” rating and issued a $7.25 target price on shares of Redfin in a research report on Tuesday, November 19th. The Goldman Sachs Group lowered shares of Redfin from a “neutral” rating to a “sell” rating and raised their price target for the stock from $6.00 to $6.50 in a research report on Monday, November 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Redfin in a report on Wednesday, August 7th. Finally, Jefferies Financial Group raised their target price on shares of Redfin from $7.50 to $11.50 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.98.

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.