Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 7.75MM shares of Redfin Corp (RDFN). This represents 7.1% of the company.
In their previous filing dated February 3, 2022 they reported 7.12MM shares and 6.80% of the company, an increase in shares of 8.84% and an increase in total ownership of 0.30% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 40.24% Downside
As of January 30, 2023, the average one-year price target for Redfin is $4.31. The forecasts range from a low of $2.02 to a high of $5.78. The average price target represents a decrease of 40.24% from its latest reported closing price of $7.22.
The projected annual revenue for Redfin is $1,156MM, a decrease of 52.77%. The projected annual EPS is $-1.63.
Fund Sentiment
There are 414 funds or institutions reporting positions in Redfin. This is a decrease of 39 owner(s) or 8.61%.
Average portfolio weight of all funds dedicated to US:RDFN is 0.0566%, a decrease of 25.1235%. Total shares owned by institutions decreased in the last three months by 9.62% to 98,887K shares.
What are large shareholders doing?
Bares Capital Management holds 19,883,921 shares representing 18.28% ownership of the company. In it's prior filing, the firm reported owning 19,891,939 shares, representing a decrease of 0.04%. The firm decreased its portfolio allocation in RDFN by 24.47% over the last quarter.
Baillie Gifford & holds 9,757,578 shares representing 8.97% ownership of the company. In it's prior filing, the firm reported owning 9,960,781 shares, representing a decrease of 2.08%. The firm decreased its portfolio allocation in RDFN by 28.12% over the last quarter.
Durable Capital Partners holds 6,707,745 shares representing 6.17% ownership of the company. In it's prior filing, the firm reported owning 7,514,585 shares, representing a decrease of 12.03%. The firm decreased its portfolio allocation in RDFN by 39.44% over the last quarter.
VWUSX - Vanguard U.S. Growth Fund Investor Shares holds 4,448,817 shares representing 4.09% ownership of the company. No change in the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 4,018,857 shares representing 3.70% ownership of the company. In it's prior filing, the firm reported owning 4,038,695 shares, representing a decrease of 0.49%. The firm decreased its portfolio allocation in RDFN by 33.75% over the last quarter.
Redfin Background Information
(This description is provided by the company.)
Redfin is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. The Company sells homes for more money and charge half the fee. It also runs the country's #1 real-estate brokerage site. Its home-buying customers see homes first with on-demand tours, and its lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have its renovations crew fix up their home to sell for top dollar. Since launching in 2006, Redfin has saved customers nearly $1 billion in commissions. It serves more than 95 markets across the U.S. and Canada and employ over 4,100 people.
This story originally appeared on Fintel.
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