Zillow Group (NASDAQ:Z) Reaches New 1-Year Low – Here’s Why

Zillow Group, Inc. (NASDAQ:Z)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $28.89 and last traded at $28.9080, with a volume of 2903703 shares changing hands. The stock had previously closed at $30.95.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Zillow Group in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods dropped their price objective on Zillow Group from $37.00 to $34.00 and set a “market perform” rating on the stock in a research note on Friday, August 7th. Wall Street Zen cut Zillow Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. lowered their target price on Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Finally, Morgan Stanley set a $60.00 price target on Zillow Group in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Zillow Group has a consensus rating of “Moderate Buy” and a consensus target price of $61.29.

Zillow Group Trading Down 7.2%

The business has a 50-day moving average of $33.64 and a 200 day moving average of $36.93. The firm has a market capitalization of $6.46 billion, a P/E ratio of 130.71, a price-to-earnings-growth ratio of 1.33 and a beta of 2.00.

Zillow Group (NASDAQ:Z) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The business had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.10 million. As a group, research analysts forecast that Zillow Group, Inc. will post 0.89 EPS for the current year.

Insider Buying and Selling at Zillow Group

In other Zillow Group news, CEO Jeremy Wacksman sold 9,339 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $319,207.02. Following the transaction, the chief executive officer directly owned 138,574 shares of the company’s stock, valued at approximately $4,736,459.32. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,661 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $193,492.98. Following the sale, the chief financial officer directly owned 59,144 shares of the company’s stock, valued at approximately $2,021,541.92. The trade was a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 38,539 shares of company stock worth $1,323,800 in the last ninety days. 23.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Zillow Group

Institutional investors have recently made changes to their positions in the company. L1 Capital Pty Ltd boosted its stake in shares of Zillow Group by 24,803.7% in the 4th quarter. L1 Capital Pty Ltd now owns 1,729,313 shares of the financial services provider’s stock worth $117,974,000 after buying an additional 1,722,369 shares during the last quarter. Tiger Global Management LLC increased its stake in shares of Zillow Group by 21.7% during the 1st quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after purchasing an additional 1,312,000 shares during the last quarter. Contour Asset Management LLC increased its stake in shares of Zillow Group by 29.8% during the 4th quarter. Contour Asset Management LLC now owns 3,260,474 shares of the financial services provider’s stock worth $222,430,000 after purchasing an additional 747,808 shares during the last quarter. Quantinno Capital Management LP lifted its stake in Zillow Group by 455.6% in the first quarter. Quantinno Capital Management LP now owns 641,618 shares of the financial services provider’s stock valued at $26,550,000 after purchasing an additional 526,142 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Zillow Group by 21.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,896,206 shares of the financial services provider’s stock valued at $78,461,000 after purchasing an additional 338,803 shares during the period. Institutional investors own 71.01% of the company’s stock.

About Zillow Group

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms designed to help consumers discover, buy, sell, rent and finance homes. Its websites and mobile applications provide property listings, home values, market data, search tools and connections to real estate professionals.

The company’s portfolio includes Zillow, Trulia, StreetEasy and HotPads, which serve residential real estate consumers and professionals across the United States.