Here's Why Redfin Shares Dropped 18% in April
Redfin (NASDAQ: RDFN) stock tumbled 17.8% in April, according to S&P Global Market Intelligence. The real estate tech stock suffered after negative news about the housing market created uncertainty for Redfin's medium-term operational prospects.
Recent data in the housing market has been somewhat of a mixed bag, but warning signs in April had investors on edge. On April 19, Redfin announced that home prices were down 3.3% from the prior year, which was the largest drop since 2012. The report noted especially steep declines in areas that had seen real estate booms during the pandemic. The following day, the National Association of Realtors announced that new home sales volume had declined 2.4% from February to March, marking a 22% drop from the prior year. Unsold inventory also expanded significantly, though it remains low.
None of this news was particularly shocking given the Fed's interest rate hikes over the past year and the banking sector turmoil that's leading to tighter lending standards. Nonetheless, it was still noteworthy confirmation of pessimism around the real estate sector. February's housing data was better than expected for both existing home sales and new residential construction starts, so the March updates squashed some of the optimism building in that industry.
Source Fool.com
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