Why Shares of Redfin Are Rising Today

Shares of the real estate brokerage Redfin Corp (NASDAQ: RDFN) traded nearly 16% higher as of 3:06 p.m. ET today for no obvious reason. The stock could be moving higher after reporting earnings late last week and on a more optimistic macro outlook.

The company reported a net loss of $0.73 per common share for the second quarter of the year, much wider than the $0.29 loss the company reported in Q2 2021. However, total revenue of nearly $607 million grew 29% on a year-over-year basis. Both numbers still missed analyst estimates for the quarter.

"The housing market took a turn for the worse in the second quarter," Redfin's CEO Glenn Kelman said in an earnings statement. He added:

Source Fool.com