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SEATTLE—In a recent transaction reported to the Securities and Exchange Commission, Redfin Corp (NASDAQ:RDFN) Chief Legal Officer Anthony Ray Kappus sold 22,189 shares of the company’s common stock. The shares were sold on March 4 at a weighted average price of $5.949, totaling approximately $132,002. The sale comes as Redfin’s stock has declined over 16% in the past week, with the company currently valued at approximately $740 million.
The transaction was executed under a Rule 10b5-1 trading plan, which Kappus adopted on November 27, 2024. The shares were sold in multiple trades at prices ranging from $5.845 to $6.01. Following the sale, Kappus retains ownership of 22,727 shares of Redfin stock. According to InvestingPro, the company’s financial health is currently rated as WEAK, with the stock trading near its 52-week low of $5.10.
This filing provides insight into the trading activities of Redfin’s executive team and reflects Kappus’s adherence to pre-established trading plans. InvestingPro subscribers can access 14 additional key insights about Redfin, including detailed analysis of insider transactions and comprehensive financial health metrics.
In other recent news, Redfin Corporation reported its fourth-quarter 2024 earnings, revealing a mixed performance. The company’s revenue increased by 12% year-over-year to $244.3 million, slightly surpassing expectations. However, Redfin’s earnings per share (EPS) fell short of forecasts, posting a loss of $0.29 compared to the anticipated $0.24. This shortfall was attributed to unexpected costs related to the transition to the Redfin Next (LON:NXT) compensation model for agents. Despite these challenges, Redfin’s core Brokerage revenue met consensus expectations, although its adjusted EBITDA loss of $2.9 million did not align with the projected range. In response to these developments, both Susquehanna and DA Davidson have adjusted their price targets for Redfin, lowering them to $7.00 while maintaining a Neutral rating. Analysts from these firms highlighted Redfin’s ongoing challenges in the current macroeconomic environment, but also noted the company’s potential for market expansion and higher-margin segments. Redfin’s strategic initiatives, including increased marketing expenditures and partnerships, are expected to impact short-term profitability as the company navigates a challenging real estate landscape.
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