Can Redfin Stock Bounce Back After Last Week's 10% Drop?
One of this summer's hottest IPOs took a step back last week. Shares of Redfin (NASDAQ: RDFN) declined 10.3% last week, after Piper Jaffray analyst Jason Deleeuw initiated coverage of the tech-savvy real estate brokerage with an uninspiring neutral rating. He also set a price target of $26, a problematic goal for a stock that started out last week trading just below $28.
This is only the third week that Redfin has closed lower after going public at $15 in late July, and it's the first time that the shares have experienced a double-digit percentage decline. The stock is still one of the quarter's best-performing debutantes, up 67% since its first appearance this summer.
Image source: Redfin.
Source: Fool.com
