Shares of ANGI (NASDAQ:ANGI), which connects consumers with home services professionals, rallied roughly 11% in early trading on April 13. There were two bits of news that might be impacting the stock today, both of which were released late on April 12.
First, ANGI's Handy division, which provides on-demand home services, announced that it was working with Savvy, a provider of resident services. According to ANGI, "Via Handy.com, renters approved by Savvy will be able to directly book a Handy Pro for in-home furniture assembly, TV mounting, cleaning, picture and shelf hanging, smart camera installation, and more." Basically, it's another avenue for ANGI to generate revenue, so it's good news but alone probably not enough to move the stock 11%.
The other bit of news actually came out of IAC/InterActiveCorp, the majority shareholder of ANGI, which provided an update on the company's performance statistics. The numbers were good across the board in March, but two data points worth highlighting are the year-over-year revenue increase of 31% and the whopping 60% increase in service requests. It was a very good month and, given those numbers, it's little wonder investors were upbeat on the stock today.
Long-term investors should probably take today's news with a grain of salt. March, the most recent data presented, laps a particularly weak month for the U.S. economy in the early days of the pandemic in 2020. That's not to suggest that investors shouldn't be pleased with the most recent monthly performance report, but the stock is nearly double the level it was at the start of 2020. A lot of good news has been priced in here already. It will probably be more telling to see how the company's performance looks as it laps some of the stronger months from the middle of last year, when consumers were stuck at home and very actively using ANGI to book home services.