Redfin CTO Frey sells $1.35 million in stock

On March 10, Bridget Frey, Chief Technology Officer at Redfin Corp (NASDAQ:RDFN), executed a significant stock transaction. Frey sold 135,333 shares of Redfin common stock at a price of $10 per share, amounting to a total value of approximately $1.35 million. This transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which she adopted on November 27, 2024. The timing is notable as Redfin’s stock has shown strong momentum, posting a 52.5% return over the past week and trading at $10.38, according to InvestingPro data.

In addition to the sale, Frey exercised stock options to acquire 135,333 shares at a price of $7.38 per share, with the total value of this acquisition amounting to approximately $998,757. Following these transactions, Frey holds 465,377 shares of Redfin common stock directly in a company currently valued at $1.31 billion market capitalization.

These transactions highlight Frey’s active management of her equity stake in Redfin, as she continues to play a pivotal role in the company’s leadership as its Chief Technology Officer. InvestingPro analysis reveals the company maintains a current ratio of 1.13, indicating sufficient liquidity to meet short-term obligations. For deeper insights into Redfin’s financial health and 12 additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.

In other recent news, Redfin Corp. has been the focus of significant developments following the announcement of its acquisition by Rocket Companies in an all-stock deal valued at approximately $1.75 billion. This transaction values Redfin shares at $12.50 each, a premium over the company’s recent trading price. Piper Sandler responded to the acquisition news by upgrading Redfin’s stock rating from Underweight to Neutral and adjusting the price target to $12.50. The acquisition is expected to close in the second or third quarter of 2025, pending shareholder approval and regulatory clearances. Rocket Companies anticipates that the merger will drive purchase mortgage growth and generate significant revenue synergies, with expected synergies exceeding $200 million by 2027. This strategic move will link Redfin’s substantial monthly visitor traffic with Rocket’s mortgage offerings, aiming to enhance the home buying experience. The boards of both companies have approved the transaction, and Redfin CEO Glenn Kelman will continue to lead the Redfin business post-acquisition. Meanwhile, a report from Redfin highlighted a decline in U.S. real estate investor activity, with condominium purchases reaching their lowest level since 2012, amid high interest rates and economic uncertainties.

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