Zillow Group (NASDAQ:ZG) Shares Down 7% – What’s Next?

Zillow Group, Inc. (NASDAQ:ZG) shares fell 7% on Tuesday . The stock traded as low as $32.87 and last traded at $32.8610. Approximately 386,886 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,166,628 shares. The stock had previously closed at $35.32.

Analyst Ratings Changes

ZG has been the topic of several research reports. Evercore set a $40.00 price objective on shares of Zillow Group and gave the stock an “in-line” rating in a report on Thursday, August 6th. Piper Sandler cut their price objective on Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Sanford C. Bernstein lowered Zillow Group from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $50.00 to $38.00 in a research report on Thursday, August 6th. BTIG Research reiterated a “neutral” rating on shares of Zillow Group in a research note on Thursday, June 11th. Finally, KeyCorp restated an “overweight” rating and set a $48.00 price target on shares of Zillow Group in a research report on Tuesday, August 25th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Zillow Group currently has an average rating of “Hold” and an average price target of $53.14.

Zillow Group Stock Down 7.0%

The business’s 50-day moving average price is $34.23 and its 200 day moving average price is $38.15. The company has a market capitalization of $7.39 billion, a P/E ratio of 149.43, a price-to-earnings-growth ratio of 1.54 and a beta of 1.97.

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, topping the consensus estimate of $0.44 by $0.08. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The business had revenue of $772.00 million for the quarter, compared to analysts’ expectations of $758.25 million. During the same period in the prior year, the company posted $0.40 EPS. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. Analysts anticipate that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Claire Thielke sold 1,187 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $35.71, for a total transaction of $42,387.77. Following the completion of the transaction, the director owned 2,375 shares of the company’s stock, valued at approximately $84,811.25. The trade was a 33.32% decrease in their ownership of the stock. 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. Also, CEO Jeremy Wacksman sold 9,339 shares of the company’s 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 completion of the transaction, the chief executive officer owned 138,574 shares in the company, valued at approximately $4,736,459.32. This trade represents a 6.31% 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. Insiders have sold a total of 38,539 shares of company stock valued at $1,323,800 in the last ninety days. 29.88% of the stock is owned by insiders.

Hedge Funds Weigh In On Zillow Group

A number of institutional investors have recently made changes to their positions in ZG. Polianta Ltd bought a new stake in Zillow Group during the first quarter worth about $1,494,000. Independent Franchise Partners LLP increased its position in shares of Zillow Group by 1.1% during the 4th quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock valued at $138,135,000 after purchasing an additional 21,862 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Zillow Group during the 2nd quarter valued at about $1,546,000. Deltroit Asset Management UK LLP purchased a new position in shares of Zillow Group during the 4th quarter valued at about $2,715,000. Finally, MFG Wealth Management Inc. purchased a new position in shares of Zillow Group during the 2nd quarter valued at about $2,146,000. Institutional investors own 20.32% of the company’s stock.

About Zillow Group

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.