Why Redfin Stock Jumped 22% in March
Shares of Redfin (NASDAQ: RDFN) were moving higher last month as the online real estate brokerage benefited from falling mortgage rates and some positive analyst chatter.
After the stock fell nearly 90% last year, shares look cheap and some investors saw a buying opportunity as they anticipated that mortgage rates have peaked. According to data from S&P Global Market Intelligence, the stock finished the month up 22%.
As you can see from the chart below, the stock surged in the third week of the month and tacked on gains from there.
Source Fool.com
