Why Shares of Redfin Fell 11% This Week
Shares of tech-enhanced real estate brokerage firm Redfin (NASDAQ: RDFN) fell 11% over the last five trading days ended Friday, Aug. 20. The trend builds on losses the stock has been experiencing since the second-quarter 2021 earnings report earlier in the month; in total, Redfin is now down some 31% in 2021.
The real estate disruptor has one of the most well-rounded technology stacks addressing multiple needs of home sellers, buyers, and renters. The company has been doing just fine financially this year as Americans have been moving to new homes en masse during the pandemic. Revenue through the first half of 2021 is up 83% to $740 million, driven both by a hot housing market marked by bidding wars over a tight supply of available homes as well as a big rebound in activity compared to the brief freeze caused by the initial pandemic lockdown last spring.
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Source Fool.com
