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Why Redfin Stock Rocketed 30% This Week

TheMotleyFool

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Shares of Redfin (NASDAQ: RDFN) soared 30% this past week, according to data from S&P Global Market Intelligence, after the real estate services provider announced plans to close its home-flipping operations.

Redfin's third-quarter results released on Wednesday were rough. Sharply high mortgage rates combined with stubbornly high home prices led to a steep plunge in home listings.

Redfin's gross profit, in turn, plunged 54% year over year to $58.1 million. Worse still, its net loss ballooned to more than $90 million from $18.9 million in the prior-year quarter.

Source Fool.com

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