Zillow Group (NASDAQ:Z) Stock Falls 7.2% – What’s Next?

Zillow Group, Inc. (NASDAQ:Z)’s stock price fell 7.2% during mid-day trading on Tuesday. The stock traded as low as $28.63 and last traded at $28.4740. Approximately 993,792 shares changed hands during trading, a decline of 76% from the average session volume of 4,218,360 shares. The stock had previously closed at $30.67.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wall Street Zen cut Zillow Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. KeyCorp cut Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Sunday. JPMorgan Chase & Co. dropped their price target on Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. Jefferies Financial Group cut their price objective on Zillow Group from $75.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. Finally, Sanford C. Bernstein cut shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $57.71.

Zillow Group Stock Performance

The company’s 50-day moving average price is $30.71 and its two-hundred day moving average price is $38.09. The stock has a market cap of $6.54 billion, a PE ratio of -55.87, a PEG ratio of 1.45 and a beta of 1.98.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.03). Zillow Group had a positive return on equity of 3.18% and a negative net margin of 3.95%. The company had revenue of $724.00 million for the quarter, compared to the consensus estimate of $753.54 million. Equities research analysts forecast that Zillow Group, Inc. will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Zillow Group

In other news, Director Claire Cormier Thielke sold 1,187 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $35.71, for a total value of $42,387.77. Following the completion of the transaction, the director directly owned 2,375 shares in the company, valued at approximately $84,811.25. This represents a 33.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Hofmann sold 5,661 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $193,492.98. Following the transaction, the chief financial officer owned 59,144 shares in the company, valued at $2,021,541.92. This trade represents 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. Over the last ninety days, insiders have sold 37,352 shares of company stock valued at $1,284,523. 23.76% of the stock is currently owned by company insiders.

Institutional Trading of Zillow Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new stake in shares of Zillow Group during the third quarter worth about $27,000. Jacobi Capital Management LLC bought a new stake in shares of Zillow Group in the third quarter worth about $33,000. Root Financial Partners LLC purchased a new position in Zillow Group during the 3rd quarter valued at about $34,000. Covestor Ltd increased its holdings in Zillow Group by 146.9% during the 3rd quarter. Covestor Ltd now owns 1,296 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 771 shares during the period. Finally, Heritage Family Offices LLP purchased a new position in Zillow Group during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

About Zillow Group

Zillow Group, Inc. operates a collection of digital real estate brands, including Zillow, Trulia, StreetEasy and HotPads. Its platforms help consumers search for homes to buy or rent, explore neighborhoods and connect with real estate professionals. The company also offers services and tools for real estate agents, landlords and other industry participants, along with mortgage and home transaction services. Zillow’s Zestimate provides an estimate of a home’s value, while its rental products support apartment and home searches and connections between renters and property managers.