James Slavet, a director at Redfin Corp (RDFN), recently picked up 6,667 shares. The buy increased his holdings by 3.3 percent, and came to a total purchase price of just under $39,000.
This follows up on a 100,000 share buy from the director back in September. Other directors were buyers back in May, at a price about 50 percent higher than where shares trade today. Most executives have been sellers of shares in the past three years, although the selling has slowed this year.
Overall, insiders at the company own 3.4 percent of shares.
The real estate research company has seen shares dive 88 percent in the past year. While the real estate market is now slowing, revenue is up 29 percent in the past year.
Action to take: Shares likely have more downside in the coming months, given the slowing real estate market. However, shares will likely start to rebound before the economy does on the way up. For now, potential investors may want to put the stock on a watchlist.
For traders, with shares trending down, there’s likely more downside in the coming months. The February 2023 $5 puts, last going for about $0.95, offer mid-double-digit profit potential. Traders should look to take quick profits given the market’s volatility.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.