Zillow Group (NASDAQ:Z) Reaches New 52-Week Low – Here’s Why

Zillow Group, Inc. (NASDAQ:Z)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $30.08 and last traded at $30.50, with a volume of 3409890 shares trading hands. The stock had previously closed at $30.31.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings cut Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 22nd. UBS Group cut their price target on Zillow Group from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Wall Street Zen raised shares of Zillow Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Zillow Group from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Finally, Royal Bank Of Canada dropped their target price on shares of Zillow Group from $95.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.00.

Zillow Group Trading Up 0.6%

The business has a 50-day moving average of $38.44 and a 200 day moving average of $49.95. The firm has a market capitalization of $6.98 billion, a P/E ratio of 122.00, a price-to-earnings-growth ratio of 1.30 and a beta of 1.97.

Zillow Group (NASDAQ:Z) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.43 by $0.10. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.The firm had revenue of $708.00 million during the quarter, compared to the consensus estimate of $705.10 million. As a group, research analysts forecast that Zillow Group, Inc. will post 0.9 EPS for the current year.

Insider Activity

In other Zillow Group news, General Counsel Bradley D. Owens sold 3,364 shares of Zillow Group stock in a transaction dated Friday, May 15th. The stock was 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 approximately $2,429,071.35. The trade was a 4.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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, insider Dan Spaulding sold 3,078 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total value of $115,117.20. Following the sale, the insider directly owned 49,696 shares of the company’s stock, valued at $1,858,630.40. This represents a 5.83% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 42,910 shares of company stock valued at $1,605,732. 23.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Jain Global LLC purchased a new stake in shares of Zillow Group in the third quarter valued at about $6,220,000. Assenagon Asset Management S.A. boosted its holdings in Zillow Group by 228.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 470,288 shares of the financial services provider’s stock worth $32,083,000 after purchasing an additional 327,076 shares during the last quarter. Hidden Lake Asset Management LP purchased a new position in Zillow Group during the third quarter worth about $4,127,000. Baillie Gifford & Co. boosted its holdings in Zillow Group by 11.4% during the fourth quarter. Baillie Gifford & Co. now owns 739,270 shares of the financial services provider’s stock worth $50,433,000 after purchasing an additional 75,682 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Zillow Group by 472.1% in the 4th quarter. SG Americas Securities LLC now owns 245,205 shares of the financial services provider’s stock worth $16,728,000 after purchasing an additional 202,343 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.