Investors Should Pay Attention to This Out-of-Favor Stock in 2024 -- Here's Why
To say that Redfin (NASDAQ: RDFN) has been a top performer in 2023 would be an understatement. After the real estate disruptor was essentially left for dead by experts in late 2022 as the real estate market ground to a halt, management has done an excellent job of renewing its focus on Redfin's core competencies, and of emphasizing efficiency.
In fact, despite a 12% decline in revenue in the third quarter, Redfin's net loss narrowed from $90 million in the third quarter of last year to just $19 million, and the company was profitable on an adjusted basis.
Due to its (so far) effective turnaround strategy, Redfin's stock has performed well this year. While it's been quite a roller-coaster ride for investors, the stock has gained 81% year to date through Dec. 5.
Source Fool.com
