5 New Stock Picks of Billionaire Ray Dalio

4. Redfin Corporation (NASDAQ:RDFN)

Number of Hedge Fund Holders: 19     

Redfin Corporation (NASDAQ:RDFN) is a residential real estate brokerage firm. According to the latest data, Bridgewater Associates owned more than 516,000 shares of Redfin Corporation (NASDAQ:RDFN) at the end of the second quarter of 2022 worth $4.2 million, representing 0.01% of the portfolio. 

On August 8, Susquehanna analyst Shyam Patil maintained a Neutral rating on Redfin Corporation (NASDAQ:RDFN) stock and lowered the price target to $10.5 from $13, noting the core business of the firm had executed pretty well given the current housing macro. 

At the end of the second quarter of 2022, 19 hedge funds in the database of Insider Monkey held stakes worth $279 million in Redfin Corporation (NASDAQ:RDFN), compared to 23 the preceding quarter worth $565 million.

In its Q1 2022 investor letter,  Saga Partners, an asset management firm, highlighted a few stocks and Redfin Corporation (NASDAQ:RDFN) was one of them. Here is what the fund said:

“I recently wrote about Redfin in this December 2021 write-up. I explained how Redfin has increased the productivity of real estate agents by integrating its website with its full-time salaried agents and then funneling the demand aggregated on its website to agents. Redfin agents do not have to spend time prospecting for business but can rather spend all their time servicing clients throughout the process of buying and selling a home.

Since Redfin agents are three times more productive than a traditional agent, Redfin is a low-cost provider, i.e., it costs Redfin less to close a transaction than a traditional brokerage at scale. It is a similar concept as the higher operating leverage of e-commerce relative to brick & mortar retailers. Redfin has higher operating leverage compared to the traditional real estate brokerage.” (Click here to see the full text)