Reported 8 months ago
Redfin, a real estate technology company, experienced a 93% decline in its stock due to soaring interest rates affecting the housing market. However, with Wall Street predicting Fed rate cuts by 2024, Redfin's stock might see a recovery. The company shifted its focus to its brokerage business, rental marketplace, title services, and mortgage lending, with expectations of achieving positive EBITDA. Despite challenges, Redfin's rock-bottom valuation and potential market activity post-rate cuts make it an interesting investment option.
Source: YAHOO