Shares of Redfin Corp. RDFN, -5.33% slid 4.2% toward a record low and a record-tying losing streak, as another jump in Treasury yields spooked investors who have been concerned over a housing recession. The real estate services company’s stock has plunged TK% amid an eight-day losing streak, which matches the previous record losing streak of eight sessions first seen in October 2017, and then again in October and December 2018. The stock’s selloff comes as the yield on the 10-year Treasury note TMUBMUSD10Y, 3.924%, which is the benchmark for mortgage rates, jumped by 0.179 percentage points to a 12-year high of 3.876%. Wedbush analyst Jay McCanless reiterated his neutral rating and $9 price target on Redfin’s stock, but widened his 2022 per-share loss estimate to $3.71 from $3.00 and chopped his revenue outlook down to $2.31 billion from $2.55 billion, saying the “unrelenting march of mortgage rates” is cooling housing activity. The stock has plunged 84.6% year to date while the S&P 500 SPX, -1.03% has shed 23.0%.
