Why Redfin Stock Is Soaring Today
Shares of Redfin (NASDAQ: RDFN) have been caught in the downdraft afflicting markets in recent weeks, down 40% in the last few weeks. But on Tuesday the stock, along with the broader market, reversed course, with Redfin shares up more than 10% in late morning trading.
It's been a rough few weeks to be invested in growth companies, and Redfin has been no exception. The company's stock sell-off was triggered by the guidance attached to its late February earnings report. Redfin's core real estate market is booming, but the company said it has been held back by a shortage of homes for sale and not enough agents to meet demand.
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Source Fool.com
