Zillow Group (NASDAQ:ZG) Reaches New 12-Month Low – Here’s Why

Zillow Group, Inc. (NASDAQ:ZG)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $31.72 and last traded at $32.2480, with a volume of 99403 shares trading hands. The stock had previously closed at $33.51.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler cut their price objective on shares of Zillow Group from $70.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. KeyCorp cut their price objective on shares of Zillow Group from $75.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Evercore reiterated an “outperform” rating on shares of Zillow Group in a report on Tuesday, March 17th. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Citigroup reiterated a “market outperform” rating on shares of Zillow Group in a report on Tuesday, May 26th. Thirteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.43.

Zillow Group Stock Up 0.5%

The company’s fifty day moving average is $39.44 and its 200 day moving average is $50.84. The stock has a market cap of $7.42 billion, a PE ratio of 129.72, a price-to-earnings-growth ratio of 1.43 and a beta of 1.94.

Zillow Group (NASDAQ:ZG) last posted its quarterly earnings results on Wednesday, May 6th. The technology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.43 by $0.10. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. The firm had revenue of $708.00 million for the quarter, compared to analyst estimates of $705.17 million. During the same quarter last year, the firm posted $0.41 earnings per share. Zillow Group’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities analysts expect that Zillow Group, Inc. will post 0.9 EPS for the current year.

Insider Transactions at Zillow Group

In related news, CEO Jeremy Wacksman sold 9,072 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $36.54, for a total value of $331,490.88. Following the transaction, the chief executive officer owned 153,699 shares in the company, valued at approximately $5,616,161.46. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Bradley D. Owens sold 3,364 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $37.23, for a total transaction of $125,241.72. Following the completion of the transaction, the general counsel owned 65,245 shares in the company, valued at $2,429,071.35. The trade was a 4.90% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 42,910 shares of company stock valued at $1,605,732 in the last three months. 29.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its holdings in Zillow Group by 6.7% in the first quarter. NewEdge Advisors LLC now owns 11,071 shares of the technology company’s stock valued at $458,000 after buying an additional 699 shares during the period. Edgestream Partners L.P. acquired a new stake in Zillow Group in the first quarter valued at approximately $398,000. EverSource Wealth Advisors LLC grew its position in Zillow Group by 183.6% in the first quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock valued at $41,000 after acquiring an additional 637 shares in the last quarter. Empowered Funds LLC grew its position in Zillow Group by 60.3% in the first quarter. Empowered Funds LLC now owns 10,060 shares of the technology company’s stock valued at $416,000 after acquiring an additional 3,784 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Zillow Group by 106.6% in the first quarter. Quantinno Capital Management LP now owns 176,052 shares of the technology company’s stock valued at $7,287,000 after acquiring an additional 90,858 shares in the last quarter. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Zillow Group Company Profile

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.