3 Hot Stocks That Have Already Doubled in 2023
I took a look last week at a couple of stocks that have more than doubled so far this year. A few more interesting names have joined the ranks of big gainers.
Redfin (NASDAQ: RDFN), Coinbase Global (NASDAQ: COIN), and AppHarvest (NASDAQ: APPH) are up 116%, 102%, and 269%, respectively, in 2023. You probably didn't have real estate, crypto, and high-tech farming on your list of leading industries this year, but that's where investors just happen to find themselves now. Let's take a closer look at what is driving these monster rallies in some of last year's hardest-hit investments.
With mortgage rates and inflationary pressures rising it's easy to see why residential real estate slowed to a crawl late last year. The feeding frenzy where bidding wars routinely broke out on fast-selling properties came to an end. Demand dried up, and supply followed shortly after that.
Source Fool.com
