What's Going On With Redfin Corporation Stock?

Redfin Corporation RDFN shares are trading higher Friday. The company reported its third-quarter financial results after the market close on Thursday.

What To Know:

Redfin Corporation reported third-quarter GAAP losses of 17 cents per share, beating the analyst consensus estimate of losses of 20 cents per share.

The company also reported quarterly sales of $268.96 million, missing the consensus estimate of $270.99 million.

Redfin CEO Glenn Kelman said, "In a worsening housing market, Redfin earned an adjusted EBITDA profit, a $59 million improvement over the third quarter of 2022, all while growing traffic and gaining share." 

"In October, we raised capital, began generating revenues from a new digital business, and launched all-variable agent pay in California. This downturn has only made us stronger."

Shares of RDFN are up on heavy trading volume Friday. According to data from Benzinga Pro, more than 5 million shares have already been traded in the session, surpassing the stock's 100-day average volume of 3.687 million shares.

Short-sellers have taken an interest in RDFN shares with 24.28% of available shares being sold short, according to data from Benzinga Pro.

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RDFN Price Action: According to Benzinga Pro, Redfin shares are up nearly 25% at $6.33 at the time of publication.

Image: Paul Brennen from Pixabay