Why ANGI Homeservices Stock Rocketed 18% at the Open Today
Shares of ANGI Homeservices (NASDAQ: ANGI) rose dramatically in early trading on Monday, gaining as much as 18% in the first hour. Although the stock had pulled back from those levels by 11 a.m. EST, it was still up a notable 13%. Thank an analyst price call for the quick move higher to start the new trading week.
ANGI Homeservices helps connect providers of home improvement services (think plumbers and carpenters) with customers who need their help. Early in the coronavirus pandemic, when consumers were afraid of interacting with people for fear of becoming ill, ANGI saw a slowdown. But with people stuck at home and/or working from home, that quickly turned around, and service requests and monetized transactions jumped materially.
By December, however, that boost was clearly starting to wane, suggesting that the uptick might be temporary. So, when the company reported 11% revenue growth in 2020 less than a week ago, there was perhaps an underlying negative floating around.
Source Fool.com
