IAC - Why ANGI Homeservices Stock Gained 29% Last Month
Shares of ANGI Homeservices (NASDAQ: ANGI) surged last month as the company bounced back from big losses in March and got an assist from an analyst upgrade. The gains in April came in spite of the company reporting an operating loss for the first quarter and pulling its financial guidance for the year. According to data from S&P Global Market Intelligence, the stock finished the month up 29%.
ANGI stock dipped on April 7, hitting a new low after majority owner IAC/InterActiveCorp (NASDAQ: IAC) updated investors in a shareholder letter, acknowledging that ANGI was experiencing some headwinds related to COVID-19. "ANGI Homeservices has felt the demand for home repair, maintenance, and new projects drop as the world shelters in place," said CEO Joey Levin of IAC. He added that although demand had dropped off considerably, the company was seeing an increase in service providers joining the platform.
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