Why RH Stock Was Pulling Back Today
Shares of RH (NYSE: RH), the company formerly known as Restoration Hardware, were pulling back today after the company reported third-quarter earnings last night. Though the numbers were strong and beat analyst expectations, they didn't seem to be enough to assuage fears of a hangover when the pandemic ends, as the high-end home furnishings retailer has benefited from significant tailwinds from the crisis. Some investors may also believe the stock is overvalued after it's doubled this year, following a strong multiyear run.
As of 11:36 a.m. EST, the stock was down 4.5% after falling as much as 10% earlier in the session.
Image source: RH.
Source Fool.com
