Why ANGI Homeservices Stock Soared 60% Last Month

Jeremy Bowman, The Motley Fool
Why ANGI Homeservices Stock Soared 60% Last Month

Shares of ANGI Homeservices (NASDAQ: ANGI) were surging last month as the stock rallied after management pointed to signs of a "V-shaped recovery" in its first-quarter earnings report. The stock also benefited from other signs that Americans were spending on home improvement needs as Home Depot and Lowe's showed strong comparable sales growth in their first quarters, and the home improvement spending was solid during April, according to the Census Bureau's retail sales report, despite lockdown conditions across much of the country. According to S&P Global Market Intelligence, the stock finished the month up 60%.