Zillow Group (NASDAQ:ZG) Stock Jumps 5.8% – Here’s Why

Shares of Zillow Group, Inc. (NASDAQ:ZG) shot up 5.8% on Thursday. The company traded as high as $29.50 and last traded at $29.5910. Approximately 669,595 shares traded hands during trading, a decline of 42% from the average daily volume of 1,151,003 shares. The stock had previously closed at $27.97.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ZG shares. KeyCorp reiterated an “overweight” rating and issued a $48.00 target price on shares of Zillow Group in a research note on Tuesday, August 25th. Piper Sandler cut their target price on shares of Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Zillow Group in a research note on Wednesday, August 19th. Susquehanna dropped their target price on Zillow Group from $50.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Finally, DA Davidson reduced their target price on shares of Zillow Group from $60.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Zillow Group presently has an average rating of “Hold” and a consensus target price of $51.38.

Zillow Group Price Performance

The company has a fifty day moving average of $33.24 and a 200-day moving average of $35.93. The firm has a market capitalization of $6.64 billion, a PE ratio of 134.16, a price-to-earnings-growth ratio of 1.23 and a beta of 2.02.

Zillow Group (NASDAQ:ZG) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. The firm had revenue of $772.00 million during the quarter, compared to analysts’ expectations of $758.25 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The company’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 earnings per share. Equities analysts anticipate that Zillow Group, Inc. will post 0.89 EPS for the current year.

Insider Activity at Zillow Group

In other news, CEO Jeremy Wacksman sold 9,339 shares of Zillow Group stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $319,207.02. Following the sale, the chief executive officer 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 Errol G. Samuelson sold 3,154 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total value of $107,992.96. Following the completion of the transaction, the insider directly owned 130,885 shares of the company’s stock, valued at approximately $4,481,502.40. This trade represents a 2.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 38,539 shares of company stock valued at $1,323,800. 29.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new stake in shares of Zillow Group during the second quarter valued at approximately $29,000. EverSource Wealth Advisors LLC grew its holdings in shares of Zillow Group by 183.6% during the first quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after buying an additional 637 shares in the last quarter. Fifth Third Bancorp grew its stake in Zillow Group by 990.3% in the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock valued at $42,000 after purchasing an additional 921 shares in the last quarter. Nykredit A S bought a new stake in shares of Zillow Group in the 2nd quarter valued at about $65,000. Finally, Painted Porch Advisors LLC acquired a new position in Zillow Group during the fourth quarter worth approximately $202,000. 20.32% of the stock is owned by institutional investors and hedge funds.

About Zillow Group

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms designed to help consumers buy, sell, rent and finance homes. Founded in 2006 and headquartered in Seattle, Washington, the company serves the U.S. residential real estate market through a portfolio of well-known brands.

Its flagship Zillow platform provides home listings, property information, estimated home values through its Zestimate tool, rental listings, mortgage resources and connections to real estate professionals.