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Stock Alert: Redwood Trust Surges 57%

Shares of Redwood Trust Inc. (RWT) are surging more than 57 percent in Wednesday's trading at $4.07. The shares have traded in a range of $2.59 to $18.01 in the past 52 weeks.

Mill Valley, California-based Redwood Trust is a specialty finance company that operates through two segments, Investment Portfolio and Residential Mortgage Banking.

Wednesday, the company provided an update related to the continued market volatility due to the novel coronavirus outbreak. The company said that as at close of business on March 24, it had about $300 million in unrestricted cash and had met all margin calls due.

Redwood Trust also noted that since its last update on March 17, 2020, it has reduced its short-term security repurchase facilities borrowings by about 50 percent, inclusive of securities trades scheduled to settle on or prior to March 27, 2020.

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