Zillow Group (NASDAQ:ZG) Stock Price Down 8.5% – Here’s Why

Zillow Group, Inc. (NASDAQ:ZG)’s share price was down 8.5% during trading on Wednesday . The company traded as low as $55.42 and last traded at $55.46. Approximately 1,066,488 shares changed hands during mid-day trading, an increase of 73% from the average daily volume of 615,785 shares. The stock had previously closed at $60.61.

Analyst Ratings Changes

Several equities analysts have issued reports on ZG shares. Benchmark boosted their price objective on shares of Zillow Group from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. UBS Group boosted their target price on Zillow Group from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Evercore ISI raised their price target on Zillow Group from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Susquehanna upped their price objective on Zillow Group from $42.00 to $55.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. Finally, Citigroup raised their target price on Zillow Group from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.53.

Zillow Group Stock Performance

The stock has a market cap of $12.98 billion, a PE ratio of -99.36 and a beta of 2.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.12 and a quick ratio of 2.12. The stock has a 50-day simple moving average of $58.89 and a 200-day simple moving average of $50.12.

Zillow Group (NASDAQ:ZG) last released its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.08. The company had revenue of $572.00 million during the quarter, compared to the consensus estimate of $538.36 million. Zillow Group had a negative net margin of 6.81% and a negative return on equity of 2.50%. Zillow Group’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) earnings per share. Equities analysts predict that Zillow Group, Inc. will post -0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Zillow Group news, CAO Jennifer Rock sold 4,050 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $49.23, for a total transaction of $199,381.50. Following the completion of the sale, the chief accounting officer now owns 79,694 shares in the company, valued at $3,923,335.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Amy Bohutinsky sold 20,625 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $67.23, for a total value of $1,386,618.75. Following the completion of the sale, the director now directly owns 5,652 shares in the company, valued at approximately $379,983.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jennifer Rock sold 4,050 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $49.23, for a total value of $199,381.50. Following the transaction, the chief accounting officer now owns 79,694 shares in the company, valued at $3,923,335.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 221,999 shares of company stock worth $11,780,363 in the last quarter. 17.14% of the stock is owned by corporate insiders.

Institutional Trading of Zillow Group

A number of institutional investors and hedge funds have recently made changes to their positions in ZG. Future Financial Wealth Managment LLC acquired a new position in Zillow Group during the 3rd quarter valued at about $29,000. Fidelis Capital Partners LLC acquired a new position in shares of Zillow Group during the first quarter worth approximately $32,000. EntryPoint Capital LLC bought a new position in Zillow Group in the 1st quarter worth approximately $53,000. Signaturefd LLC increased its position in Zillow Group by 29.7% in the 2nd quarter. Signaturefd LLC now owns 1,572 shares of the technology company’s stock valued at $71,000 after acquiring an additional 360 shares during the period. Finally, GAMMA Investing LLC raised its stake in Zillow Group by 86.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,208 shares of the technology company’s stock valued at $75,000 after acquiring an additional 561 shares in the last quarter. 20.32% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Company Profile

Zillow Group, Inc operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services.