3 Stocks That Have Doubled and Still Have Room to Grow
Over the last three months, shares of Zillow Group (NASDAQ: Z)(NASDAQ: ZG), Carvana (NYSE: CVNA), and Spotify (NYSE: SPOT) have more than doubled. Here's why -- and why there's much more room for these stocks to run over time.
Shares of Zillow Group tanked during the early COVID-19 panic. The market feared the real estate industry would grind to a halt due to social distancing and the possibility of tighter lending standards. The stock fell from a pre-pandemic price of about $66 per share on Feb. 21 all the way to below $24 per share on March 18 -- an incredible 64% drop in only about one month.
Investors were fearful that revenue in the company's core Premier Agent business could plummet if agents stopped paying for the company's homebuyer leads. Further, Zillow might have been stuck with the 2,707 homes worth $837 million that it owned at year-end as part of its Zillow Offers iBuying business.
Source Fool.com
