Pier Capital LLC Takes Position in Redfin Corporation (RDFN)
Pier Capital LLC bought a new position in shares of Redfin Corporation (NASDAQ:RDFN) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 214,167 shares of the company’s stock, valued at approximately $5,373,000. Pier Capital LLC owned about 0.26% of Redfin at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in RDFN. Advisor Group Inc. purchased a new position in Redfin during the 3rd quarter worth $129,000. SG Americas Securities LLC purchased a new position in Redfin during the 3rd quarter worth $139,000. Wells Fargo & Company MN purchased a new position in Redfin during the 3rd quarter worth $158,000. FNY Partners Fund LP purchased a new stake in Redfin during the 3rd quarter valued at about $175,000. Finally, American International Group Inc. purchased a new stake in Redfin during the 3rd quarter valued at about $181,000. Hedge funds and other institutional investors own 37.88% of the company’s stock.
Several analysts have weighed in on the company. Goldman Sachs Group assumed coverage on Redfin in a research note on Tuesday, August 22nd. They set a “neutral” rating and a $20.00 price target on the stock. Royal Bank Of Canada reiterated a “hold” rating and set a $28.00 price target on shares of Redfin in a research note on Friday, November 10th. Bank of America reiterated a “neutral” rating and set a $28.00 price target on shares of Redfin in a research note on Tuesday, August 22nd. Stifel Nicolaus assumed coverage on Redfin in a research note on Tuesday, August 22nd. They set a “hold” rating and a $24.00 price target on the stock. Finally, Oppenheimer dropped their price target on Redfin from $31.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $24.67.
Shares of Redfin Corporation (NASDAQ RDFN) opened at $24.69 on Tuesday. Redfin Corporation has a one year low of $19.29 and a one year high of $33.49.
Redfin (NASDAQ:RDFN) last posted its quarterly earnings results on Thursday, November 9th. The company reported $0.12 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. The firm had revenue of $109.50 million for the quarter, compared to analysts’ expectations of $110.62 million. The company’s revenue was up 35.0% on a year-over-year basis. sell-side analysts expect that Redfin Corporation will post -0.2 EPS for the current year.
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Redfin Company Profile
Redfin Corporation is engaged in providing residential real estate brokerage services. The customer can search for homes by neighborhood, city or MLS number, or can refine results using detailed parameters, such as price and number of beds or baths. The Company serves home buyers and sellers. The Company offers online tools to consumers, including Redfin Estimate, which is an automated home-valuation tool.
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